Loci Capital Opportunistic Fund, a part of Loci Capital Group, has completed the sale of a Hilton property located near Carillon Park in St Petersburg, Florida.
Details regarding the amount has not been disclosed by Loci Capital, but according to reports, the deal is valued at more than $37m.
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Hilton Carillon hotel comprises of 227 rooms across nine storeys.
Loci Capital said the ownership group included its operating partner HHM Hotels.
HHM Hotels chief investment officer Shawn Tuli said: “This sale marks a positive conclusion for our investment partnership at Hilton Carillon. We are thrilled to continue managing this property and execute a new vision under new ownership.”
Loci Capital and its joint venture partners originally acquired the hotel in January 2021 as part of the fund’s first opportunistic investment vehicle.
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By GlobalDataThe hotel, constructed in 2006, includes more than 16,000ft² allocated to meeting facilities.
Following the acquisition, the ownership group implemented several upgrades to the property.
The improvements included a rebranding and renovation of food and beverage facilities, the installation of a Starbucks outlet, and refurbishment of ballroom and pre-function spaces.
A model guestroom renovation is scheduled for 2025 in preparation of a broader guestroom renovation programme.
Loci Capital head of hospitality Damien Greenwood said: “The Hilton Carillon is a fantastic example of our hospitality strategy. We acquired the asset at a tremendous basis, executed a simple business plan, and realised the long-term tailwinds in the Tampa Bay region.
“We are grateful to our partners, Lubert-Adler and HHM Hotels for their collaboration throughout this investment.”
