Tampa, Fla. (September 3, 2013) – The Plasencia Group is pleased to announce the sale of the Embassy Suites Hotel located in Baton Rouge, Louisiana. The 223-suite, full-service hotel was sold by FelCor Lodging Trust for $20 million.
According to Robert Wiemer, Senior Vice President of The Plasencia Group's Southwest Region, "The Baton Rouge Embassy Suites offers the new owner an outstanding opportunity to expand the hotel's already formidable presence in the Baton Rouge market. It is already the preferred hotel for Louisiana State University, Southern University, ExxonMobil and the Louisiana state government. The comprehensive renovation and upgrade of the city's most popular hotel, which will be implemented during the next year, will only enhance the Embassy's reputation in the region."
The Embassy Suites is located near the intersection of Interstate 10 and College Drive. The hotel's central location within Baton Rouge, its popular brand, and its suite product create a lodging establishment that has been a leader in the regional hospitality market for the last 20 years. The Embassy's 223 suites and 7,000 square feet of meeting and banquet space allow the hotel to aggressively compete within all demand segments.
The disposition assignment was handled by a team of professionals led Robert Wiemer, Senior Vice President of TPG's Southwest Region.
About The Plasencia Group
The Plasencia Group is a multi-faceted, full-service hotel investment and consulting firm with three corporate divisions: Transaction Services, Capital Markets, and Consulting & Advisory Services serving clients through itsU.S. regional offices. For more information, go to www.TPGhotels.com.
Contact: Nick Plasencia, Vice President