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West Coast Florida Market .
The Holiday Inn Madeira Beach, a 148-room property ideally located on 3.3 acres less than a thirty-minute drive from Tampa, is expected to be converted to luxury beachfront condominiums by the investor. Until that process is complete, the hotel will continue to be managed by its existing management company, Interstate Hotels Corporation. Dennis Reed, TPG Vice President, said, �This transaction is continuing evidence that the West Coast Florida market remains a vibrant one, with opportunities providing as much transaction potential as any market in the US.� He added, �We are pleased that this sale, completed after a marketing process that elicited great interest, has allowed MeriStar to complete an important disposition. It also presents the Taylor Woodrow with an opportunity to further enhance its position in the local residential market.� Currently, TPG is advising the owners of several other Florida hotels and resorts, including properties in Clearwater, Marco Island and Cocoa Beach. Additionally, in the past year, TPG has completed advisory engagements in Sarasota and Orlando, Florida. About The Plasencia Group (TPG Hotels) Founded in 1993, TPG is a leading hotel investment services and transaction firm, with transactions of more than 8,100 hotel rooms valued at close to $800 million in the past twelve months alone. Most recently, TPG was selected by MeriStar Hospitality Corporation (NYSE:MHX) as its advisor in the disposition of a portfolio of hotels across the United States. With headquarters in Tampa, TPG has regional offices in Boston, Chicago, Houston, Little Rock, Providence and San Diego. |
