ORLANDO—Central Florida's hotel market is picking up steam. The $12.1 million sale of the Lodge at Gainesville, 208-room, select-service, independent hotel near the University of Florida in Gainesville, is the latest example.
HFF's hotel group, led by senior managing director Daniel C. Peek, director Michael Weinberg and real estate analysts Anthony Frogameni and Preston Reid, marketed the property on behalf of the seller. CrossHarbor Capital Partners purchased the offering free and clear of debt. GF Management will continue to manage the hotel.
“We expected strong interest in the asset but the quality of the buyer pool exceeded our own expectations,” Weinberg tells GlobeSt.com. ““The sales process became extremely competitive prior to buyer selection. Both buyer and seller were very professional and great to work with.”
Known for its nightly two-hour cocktail reception in its atrium, The Lodge at Gainesville caters to both business and leisure travelers. In 2014, the hotel received TripAdvisor's Certificate of Excellence Award, which is given to establishments that received outstanding traveler reviews on the site.
“The Lodge represents a great opportunity for value-add hotel investors in the Gainesville market, one of the strongest university-centered markets in the US,” says Peek. “Investors were clearly attracted to the investment given the variety of execution alternatives and the underlying quality of the location.”
Formerly branded as a Cabot Lodge, the three-story hotel features a fitness center, business center, 810 square feet of meeting space with audio and visual equipment, outdoor swimming pool and hot tub, barbeque grills and a complimentary continental breakfast buffet. The hotel is located at 3726 SW 40th Boulevard just off Interstate 75 in the heart of Gainesville's largest retail corridor.
The the hotel offers guests access to the University of Florida, which is two miles east of the hotel, as well as Shands Hospital and two new retail developments—Celebration Pointe and Butler Plaza North/Butler Plaza Towne Center, both within one mile of the hotel.
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