The property includes a 393-room hotel, 21,000 sf of meeting space a recently opened executive meeting center of 12,300 sf and an adjacent 5.6-acre parcel of land zoned for residential and/or office construction. The hotel will be managed by Merritt Hospitality, a wholly owned subsidiary of HEI. The Hilton is part of a mixed-use complex containing meeting and conference facilities, retail shops, and a 550,000-sf, 27-story class A office tower.
The transaction was brokered by the Plasencia Group Inc. of Tampa, FL, which was the listing agent for the seller. Bernie Murphy, VP of the Plasencia Group's western region, describes the transaction as "challenging in that the seller had just invested millions of dollars in building a state of the art executive meeting center at the property," meaning that prospective purchasers were buying into the long term upside income potential of the "yet unproven investment." HEI won the deal in competition with a large number of prospective purchasers, Murphy notes.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.