{"id":1004269799,"date":"2018-10-05T06:57:32","date_gmt":"2018-10-05T14:57:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004269799"},"modified":"2019-03-01T09:21:29","modified_gmt":"2019-03-01T17:21:29","slug":"central-florida-hotel-trades-for-7m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/central-florida-hotel-trades-for-7m\/","title":{"rendered":"Central Florida Hotel Trades for $7M"},"content":{"rendered":"<p>By Laura Calugar<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/Jc7elm-fD6c\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>RivieraPoint Invest + Develop has acquired a 77-key hotel in Sebring, Fla., for $7.3 million. Liberty Group of Cos. sold La Quinta Inn &amp; Suites in an off-market transaction. The new owner financed the acquisition using a $4.7 million loan from Wells Fargo and also raised an additional $4.9 million in capital and private equity from individual investors in Latin America and the U.S.&nbsp;<\/p>\n<p>Located at 4115 US 27 South, the 4-acre property is one hour and 30 minutes away from Tampa, Fla. La Quinta Inn &amp; Suites includes a swimming pool, fitness center, business center and parking. Built between 2008 and 2009, the fully operational hotel has an average occupancy of 66 percent.<\/p>\n<h2>Planned investments<\/h2>\n<p>The new owner intends to invest $1.8 million to reposition the property as an upper midscale hotel under the same flag. RivieraPoint plans to upgrade the rooms, lobby, gym and facade, which is projected to bring the average occupancy to 80 percent. Liberty Group will continue to manage the three-floor building, which will remain open during the repositioning process.<\/p>\n<p><em>\u201cThe demand for well-positioned hotels in the area close to the Sebring International Raceway and many other attractions is strong,\u201d<\/em> said <a href=\"https:\/\/www.commercialsearch.com\/news\/a-year-in-review-south-florida-hotel-lending-climate\/\">Rodrigo Azpurua, president &amp; CEO of RivieraPoint<\/a>, in a prepared statement. &nbsp;<\/p>\n<p>The company is rapidly expanding its Florida portfolio. RivieraPoint is currently <a href=\"https:\/\/www.commercialsearch.com\/news\/floridas-first-radisson-red-hotel-tops-off\/\">building a 155-key Radisson RED hotel<\/a> near Miami International Airport, scheduled to open next year. Construction of the hotel has been funded, in part, from foreign private equity and EB-5 capital.<\/p>\n<p><em>Video courtesy of RivieraPoint Development Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Follow the buyer, RivieraPoint, on a video tour of the 77-key La Quinta Inn &#038; Suites, which the company plans to renovate. <\/p>\n","protected":false},"author":238,"featured_media":1004269811,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21783,21742],"tags":[36351,37593,38560],"class_list":["post-1004269799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-investment","category-latest","tag-capital-improvement","tag-la-quinta-inn-suites","tag-riviera-point-development-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Central Florida Hotel Trades for $7M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/central-florida-hotel-trades-for-7m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Florida Hotel Trades for $7M\" \/>\n<meta property=\"og:description\" content=\"Follow the buyer, RivieraPoint, on a video tour of the 77-key La Quinta Inn &amp; Suites, which the company plans to renovate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/central-florida-hotel-trades-for-7m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-05T14:57:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-01T17:21:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/10\/pastedImage-004.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"310\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Laura Valean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/central-florida-hotel-trades-for-7m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/central-florida-hotel-trades-for-7m\\\/\"},\"author\":{\"name\":\"Laura Valean\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/2f8b737fce677cc406c08a2c29c1ff38\"},\"headline\":\"Central Florida Hotel Trades for $7M\",\"datePublished\":\"2018-10-05T14:57:32+00:00\",\"dateModified\":\"2019-03-01T17:21:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/central-florida-hotel-trades-for-7m\\\/\"},\"wordCount\":255,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/central-florida-hotel-trades-for-7m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/10\\\/pastedImage-004.png\",\"keywords\":[\"Capital improvement\",\"La Quinta Inn &amp; 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