SOURCE: MIG Real Estate

September 11, 2012 09:00 ET

MIG Real Estate Enters Florida With Acquisition of Three Hotels in Tampa

Newport Beach, CA Firm Expands Investment Portfolio Into Florida

NEWPORT BEACH, CA and TAMPA BAY, FL--(Marketwire - Sep 11, 2012) - MIG Real Estate, LLC, a Newport Beach, California-based real estate investment company, has acquired three hotels in the Tampa Bay Market: the Courtyard and Residence Inn in Oldsmar, Florida, and Residence Inn in Lutz, Florida. These acquisitions are the company's first in Florida and increase its overall hotel portfolio to 8 properties.

"Because of corporate and leisure demand generators, Tampa is a popular destination year-round," said Greg Merage, CEO of MIG Real Estate. "We found these hotels appealing because of their accessible locations, ability to compete effectively within their submarkets, and surrounding businesses and attractions."

Located at 4014 Tampa Road, the Courtyard in Oldsmar was built in 2003 and contains 99 guestrooms. The property features 2,000-square feet of meeting space and is 15 miles from downtown Tampa. MIG will complete a comprehensive renovation to the lobby, guestrooms, and other public spaces over the next year.

The Residence Inn, located at 4012 Tampa Road, was built in 2005 and contains 78 guestrooms. The hotel is located 12 miles from Tampa International Airport and 15 miles from downtown Tampa. The public spaces of this property will also be updated by MIG over the next year.

Located at 2101 Northpointe Parkway, the Residence Inn in Lutz was built in 2008 and contains 100 guestrooms. The property is located in the northern portion of the Tampa metro area, approximately 15 miles from Tampa International Airport. It draws extended stay guests from a wide array of business employers in Tampa's northern suburbs. Nearby amenities include the Shops at Wiregrass, Pasco County's newest shopping destination.

Several Fortune 1000 companies are headquartered in Tampa Bay, including OSI Restaurant Partners, Well Care Health Plans, Inc., TECO Energy, and Raymond Jones Financial. MacDill Air Force Base is a major employer for over 15,000 active uniformed military personnel. Downtown Tampa is undergoing significant development and redevelopment in line with a general national trend toward urban residential development. 

All three properties will be operated by Concord Hospitality Enterprises. 

Ron Danko, Robert Taylor, and Zoe Martineau of CBRE represented the seller in the transaction and MIG Real Estate represented itself.

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