MIAMI, FL – Befeler Group, through its affiliate, BG Hospitality of Port St. Lucie, LLC (BG), a privately-held real estate investment company based in Coconut Grove, Florida, closed the acquisition of a 93-Key Holiday Inn Express & Suites® Hotel in Port St. Lucie, Florida. The Hotel is situated on two acres of urban core and features hotel rooms, one- and two-bedroom suites, a pool, fitness center, business center, and breakfast area. The acquisition closed on August 31, 2021, at a purchase price of $8.9 million.
The hotel is conveniently located on the east exit ramp of I-95 at Port St. Lucie, Florida and within minutes of the New York Mets Spring Training Camp, the PGA Golf Club and PGA Village, Cleveland Clinic and across the street of the Town Center at St. Lucie West, one of the largest regional shopping centers of the Treasure Coast.
“We are very confident in the strength and continued growth of West Port St. Lucie market and are excited to have found a great value-add hotel opportunity in such great location. This hotel is already one of the best performing hotels in the area and we expect to improve its performance even further with the scheduled renovations,” said George Befeler, Founder and CEO of Befeler Group.
BG is planning to spend $3 million to improve the asset, renovate the exterior and interior of the Hotel, and upgrade all guestrooms to modern brand design-oriented standards. City National Bank provided financing of $8 million toward the purchase and renovation. The hotel will continue to be managed by Naples Hotel Group of Naples, Florida.
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Befeler Group continues to actively pursue additional hospitality, multifamily and office opportunities throughout the State of Florida. The firm will continue to target strategic value-add hotel deals that are below the institutional radar, with the intention of generating above-market returns through upgrades and efficient management.
Within the past three months, Befeler Group sold Hampton Forest Apartments, a 152-unit apartment complex located in Gainesville, Florida for $13.1 million; having paid $9.5 million in late 2017. Also, within the past three months, Befeler Group purchased a 26-unit apartment building in Hialeah, Florida for about $4 million.
“We are excited to enter this asset class and anticipate scaling up our presence in hotels with further strategic acquisitions. This first acquisition is part of our long-term plan to diversify our real estate holdings to better navigate economic changes while continuing to grow” stated Mark Rosencwaig, vice-president of Befeler Group.
About Befeler Group
George Befeler is the founder and CEO of Befeler Group, a privately held real estate investment firm based in Coconut Grove, Florida, that focuses on acquiring and managing multifamily, office and branded hotel properties with strong real estate fundamentals. Befeler Group has owned and managed multiple multifamily and office properties within the State of Florida for over 45 years. https://thebefelergroup.com