The Coastal Ridge/H. Katz joint venture has purchased more than $1 billion in properties since its inception in November 2014.
Although the hotel industry has been operating at peak levels for several years, accelerated supply growth, which has been readily absorbed in most markets due to the expanding economy, has contributed to weaker than normal average room rate growth.
The Tampa-based firm says it plans to undertake approximately $3.5 million in capital improvements at the complex at 812 S. Park Road. The property that at the time of closing was 97% occupied.
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