Key International, a real estate investment and development company specializing in hospitality, acquired the Hampton Inn & Suites by Hilton Downtown Gainesville. The hotel, which is located in Gainesville, Fla., was purchased from Ashford Hospitality Trust for a total of $27 million.
Since opening in 2009 at 101 SE 1st Avenue, the Hampton Inn & Suites is located in the city's historic downtown and a five-minute drive from the 2,000-acre campus of University of Florida. The hotel offers 124 guestrooms, including 27 studio suites, as well as 1,700 square feet of flexible meeting and social event space.
“We are pleased to add the Hampton Inn & Suites by Hilton to our expanding hotel investment portfolio,” said Diego Ardid, who serves as co-president of Key International, leading the company’s hospitality division. “As home to the nation’s ninth largest university by enrollment, Gainesville is a dense, bustling destination that continues to thrive. We are delighted to enter the market and look forward to introducing an elevated property that we know will be well received.”
Key International plans to invest more than $2 million to renovate the property. The revamp will include both aesthetic and functional enhancements to the guest rooms and suites, common areas and meeting and event space. Additionally, Key International selected LBA Hospitality, a full-scale hotel management, development and consulting firm, to provide management services for the property.
“In growing our portfolio, we strive for our footprint in each market to make an impact on the hospitality experience,” added Shawn Gracey, EVP of hospitality with Key International. “We are excited to be a part of this great community as it continues to strengthen and grow.”
The hotel has an eco-friendly saltwater lap pool and spa, fitness center, business center and complimentary Wi-Fi. Guestrooms are equipped with a 37-inch HDTV and a work desk. Guests can also upgrade to a studio suite, offering a 42-inch HDTV, as well as a living area with a sofa sleeper and wet bar. The hotel has a free daily hot breakfast and a 24-hour snack and essentials shop.