Liberty Group buys three Fairfield Inn & Suites properties

Liberty Group acquired a portfolio of three Marriott-branded hotels throughout the Southeastern United States. The hotels were part of a 26-hotel portfolio previously purchased by Goldman Sachs for $300 million in 2007 and are the:

Fairfield Inn & Suites - Gulfport, Miss.: A 79-room hotel ideally located at Gulfport-Bixoli airport, minutes from the Gulf of Mexico's award-winning beaches.

Fairfield Inn & Suites - Hattiesburg, Miss.: A 79-room hotel located minutes from the University of Southern Mississippi and Forest General Hospital.

Fairfield Inn & Suites  - Louisville, Ky.: A 78-room hotel located in downtown Louisville, minutes to 4th Street Live, YUM Center, and Churchill Downs.

The hotels will be managed by Liberty Hospitality Management and undergo significant capital improvements as part of the investment strategy, creating value by repositioning the assets through investing in renovations and operational efficiencies.

The acquisition marks the full investment of Liberty Hospitality Fund I, which closed in 2014 and had a three-year investment period with $75 million in total capital commitments. Over the past 16 months, Liberty Group has acquired or opened 10 hotels representing approximately $100 million in investments. The acquisition also commemorates Liberty Group's 50th hotel acquisition since its founding 35 years ago.

"We are excited to partner with a world-class brand like Marriott while adding three additional hotels to our growing portfolio. The acquisitions represent the final investments of Liberty Hospitality Fund I, and we are eager to utilize our proven managerial expertise, economies of scale, and favorable capital structure to unlock value in each of these investments," said Punit Shah, CEO of Liberty Group.

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