TAMPA, FL (May 18, 2011) – The Plasencia Group’s Sun Hospitality division is pleased to announce the sale of the Suburban Extended Stay in Melbourne, FL. (top left photo) The hotel, which was on a ground lease, sold to GB Holdings for an undisclosed amount in a transaction that closed last week. Sun Hospitality Advisors, a subsidiary of TPG that handles limited-service hotel transactions, was engaged by the seller as their exclusive advisor in the sale of the 132-room property.
The hotel, at 1125 Airport Boulevard, is located less than a mile from Melbourne International Airport, three miles from Florida Institute of Technology, and just minutes from area beaches.
"Transactions involving ground leases are always a challenge, because most buyers are seeking fee simple assets,” explained Robert O’Leary, vice president of Sun Hospitality’s southeast region.
“In this instance, the buyer is a first-time hotelier who is already a successful entrepreneur in the Melbourne area." GB Holdings plan extensive renovations to the property in order to retain the franchise.
Media Contact: Karen Brand, VP Marketing & Communications / (203) 202-4549 / kbrand@TPGhotels.com
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