Liberty Group announced the final closing of its first private equity real estate fund dedicated to the acquisition of upper mid-scale hotels.
Liberty Hospitality Fund I was fully capitalized in February 2014, and will deploy $75 million in total capital towards hotel acquisitions over the next three years. Liberty Group's most recent acquisition of the Holiday Inn Express & Suites in Bonita Springs, Fla., represents its 24th acquisition since 2010, and its second investment through Liberty Hospitality Fund I.
Liberty acquired the 108-room hotel in February 2014 through an off-market transaction directly with the Seller for less than the replacement cost, and intends to invest in renovations to reposition the asset in mid 2014.