An affiliate of H.I.G. Capital, H.I.G. Realty Partners, has completed the sale of the 296-room Hilton Cocoa Beach Oceanfront Hotel in Cocoa Beach, Fla. H.I.G. Realty implemented a renovation program that addressed all guestrooms and common areas and included the addition of a new oceanfront food and beverage outlet. The net operating income of the hotel tripled during H.I.G. Realty’s ownership. This transaction represents H.I.G. Realty’s 15th successful realization or partial realization in the last two years.
“The Hilton Cocoa Beach success story is yet another example of H.I.G. Realty’s ability to identify and execute a value add strategy that resulted in the creation of an enhanced, stabilized income stream,” said Ira Weidhorn, co-head of H.I.G. Realty.
H.I.G. Realty Partners is the real estate platform of H.I.G., managing $1.4 billion in capital commitments focused on small-to-mid cap real estate assets across property types located in the U.S. and Europe. H.I.G. Realty Partners targets the acquisition of value-add investments, employing a hands-on, operationally focused approach that seeks to generate cash flow and asset appreciation through rehabilitating, redeveloping, repositioning and rebranding assets that have been capital starved and/or poorly managed.
H.I.G. is a global private equity and alternative assets investment firm with $19 billion of equity capital under management. Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach.