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The Plasencia Group Advises on the Sale of the
Hilton Garden Inn, Ybor City, Tampa
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$12,250,000 total sale price yields the highest per-key price for a hotel
in Tampa since 1996; highest in the State of Florida since 2002


New York, September 10, 2003 – The Plasencia Group, Inc., the leading hospitality transaction and consulting services firm representing public and private owners of hotels, resorts, and golf courses, served as advisor on behalf of Impact Properties of Tampa in its sale of the 95-room Hilton Garden Inn Ybor City to Apple Hospitality of Arlington, Virginia. The sale price of $12,250,000 equates to almost $129,000 per room, the highest per-room price paid for a hotel in Tampa 
Hilton Garden Inn
Tampa / Ybor Historic District
1700 East 9th Avenue
Tampa, Florida
since 1996; and the highest in the State of Florida since late 2002. 

"Apple purchased the market's competitive leader," said Dennis Reed, Vice President at The Plasencia Group, Inc.  "The hotel is in excellent condition and enjoys a prime location.  The sale price is supported by the hotel's excellent returns, which should provide Apple with steady and significant income for many years to come. "

The Hilton Garden Inn is a four story, select-service hotel situated in the heart of Tampa's renowned Ybor Historic District, a section of the city frequented by locals and a must-stop destination for tourists and business travelers.  The Hilton Garden Inn is within walking distance of dozens of Ybor restaurants, unique shops, movie theatres and a short streetcar ride from Tampa's downtown office market and convention center. The property was built in 1999 and currently leads its competitive set in both occupancy and Average Daily Rate (ADR).

Daniel Peek, Regional Vice President at The Plasencia Group, Inc., said the sale was “a huge win for both parties,” and is “continuing evidence of the resurgence of the West Coast Florida market, and indeed the market throughout Florida.” Peek noted that this is the eighth Florida transaction completed by The Plasencia Group in the past ten months, with several more expected before year-end.

The hotel is the sixth in Florida for Apple Hospitality, which also owns a Residence Inn and a Homewood Suites in Clearwater.

Founded in 1993, The Plasencia Group, Inc. is the leading hospitality transaction and consulting services firm, representing public and private owners of hotels, resorts, and golf courses. With transactions encompassing more than 10,200 hotel rooms valued at over $1 billion in the past twelve months alone, The Plasencia Group, Inc. has provided personalized, valued-added investment opportunities and services to clients such as Host Marriott Corporation (NYSE: HMT), MeriStar Hotel Company (NYSE: MHX), Lend Lease Real Estate Investments and the Metropolitan Life Insurance Company.  With regional offices in Tampa, Boston, Chicago, Dallas, Houston, Little Rock, and San Diego, The Plasencia Group, Inc. offers a full range of value-added solutions, including transactions, property valuation analysis, financial and strategic planning, asset management and disposition, and proprietary industry research.  Learn more about The Plasencia Group, Inc. at www.tpghotels.com.

Contact:
Michael Frenkel
MFC PR
 (212) 808-6556
michael@mfcpr.com
Also See: The Plasencia Group Appoints Jessica L. Corcoran Director of Marketing and Business Development / Aug 2003
The Florida Mid-Year Lodging Report / Ernst & Young LLP / Sept 2003


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