TerraCap Partners has made the announcement that it has purchased a Hampton Inn & Suites hotel with 120 rooms in Fort Myers Beach, Florida. The hotel is situated at 11281 Summerlin Square Drive and is located just 2.5 miles from two big tourist destinations in the form of Sanibel/Captiva Beaches and Fort Myers Beach.
Amenities at the hotel include a business center, courtyard, two boardrooms comprising 800 square feet of meeting space, and an outdoor pool. There is also a 62-seat, 14-table complimentary breakfast area. Aimbridge Hospitality has been managing the property since November last year, with the firm currently overseeing over 24 resorts and 86 hotels in both the United States and the Caribbean. The Hampton Inn & Suites brand name is to be maintained by TerraCap Partners.
"This is a top notch property that we were able to close at less than 50% of replacement cost, just as we accomplished with our purchase of the Coconut Office Center back in September," said the founder and co-managing partner of TerraCap Partners, W Stephen Hagenbuckle. "In addition to the strength of the Hampton Inn & Suites brand name, this deal, which marks our second hotel purchase, demonstrates our ability to take advantage of high quality distressed commercial real estate opportunities."
The purchase is one of a number of recent acquisitions made by TerraCap Partners II, which is the company's most recent opportunity fund. Thus far, the second fund of TerraCap has made nine investments consisting of over 600,000 square feet of office, hotel, apartment, mixed use and light industrial properties, as well as 330 acres of land. The firm is close to totally harvesting its fund, which was launched three years ago back in 2009.
