Tampa, Fla.-based Liberty Group, a hotel investment, development and management company whose CEO is Indian American Punit Shah, announced it has acquired a portfolio of three Marriott-branded hotels.
The three Fairfield Inn and Suites hotels, in Gulfport and Hattiesburg, Miss., as well as Louisville, Ky., were previously purchased by Goldman Sachs as part of a 26-hotel portfolio for $300 million in 2007.
Liberty Group, which specializes in driving returns by identifying and acquiring management intensive, value-added real estate opportunities, announced the hotels will be managed by Liberty Hospitality Management.
The hotels, which boast 79, 79 and 78 rooms, respectively, will undergo significant capital improvements as part of the investment strategy, according to Liberty Group officials.
They will create value by repositioning the assets through investing in renovations and operational efficiencies, according to the company statement.
Shah, who was recently named 2015 Entrepreneur of the Year by Florida-based publication Business Observer, said in a statement: “We are eager to utilize our proven managerial expertise, economies of scale, and favorable capital structure to unlock value in each of these investments.”
The acquisition marks the full investment of Liberty Hospitality Fund I, which closed in 2014 and had a three-year investment period with $75 million in total capital commitments. Over the past 16 months, Liberty Group has acquired or opened 10 hotels representing approximately $100 million in investments.
The latest acquisition, which added to previous acquisitions of major brands including Hilton, Intercontinental and Starwood hotels, also commemorates Liberty Group's 50th hotel acquisition, which represent roughly 4,475 guestrooms, since its founding in 1980.