The Plasencia Group Negotiates Sale of Florida Select-Service Portfolio

By April 12, 2022Uncategorized

The Plasencia Group advises on the sale of the Aloft/Element Tampa Midtown and the Hyatt Place Jacksonville St. Johns Town Center

Tampa, Fla. (April 12, 2022) – THE PLASENCIA GROUP advised a venture comprised of Concord Hospitality and Whitman Peterson in the sale of the Aloft/Element Tampa Midtown and the Hyatt Place Jacksonville St. Johns Town Center. The portfolio, consisting of 386 keys, features three new-vintage, premium select-service brands in dynamic, highly walkable mixed-use settings. Concord Hospitality served both as the developer and manager of the hotels.

Lou Plasencia, Nick Plasencia, and Chris Plasencia facilitated the transaction, one of the latest in The Plasencia Group’s recent history of successful client engagements in Florida. The firm has orchestrated the sale and financing of more than 2,300 rooms across the Sunshine State’s most active lodging markets in the last year, at an average value of nearly $300,000 per key.

“The Aloft/Element Tampa Midtown has very quickly become one of Tampa’s most attractive lodging destinations, with its diverse assortment of guestrooms, flexible meeting space, and highly popular rooftop restaurant. We are excited to watch the property continue to thrive under the stewardship of new ownership as the balance of Midtown Tampa fully comes online. The Hyatt Place is a gem within the greater Jacksonville market and holds pride of place within one of the highest-end live-work-play developments within the city.” commented Nick Plasencia.

Many of Florida’s major metro areas, including Jacksonville, Miami, Orlando, and Tampa, rank among the fastest-growing regions in the country, with countless migrants flocking to the state daily. The state’s economy is booming due to factors such as a highly favorable business climate, a relatively lower cost of living, abundant employment opportunities, and a flexible airlift for international and domestic business travel. Economic growth around the state is not expected to abate for the foreseeable future.

About The Plasencia Group

The Plasencia Group is a full-service lodging investment advisory firm offering transaction services, capital markets, asset management, and development management consulting services to its clients throughout North America. The firm has completed hundreds of engagements since it was founded in 1993.

About Concord Hospitality Enterprises Company

As an award-winning hotel development and management company, Concord Hospitality Enterprises Company has spent the last three decades successfully growing the company’s portfolio, which includes premium-branded properties across the United States and Canada. Recognized as one of the top 10 management companies in North America, Concord Hospitality creates benefits for its partners and associates by leveraging its operations, development, sales and marketing, technology, accounting, and operational management expertise to continue to grow its portfolio of best-in-class hotels. The company believes its people are its greatest strength. With the brightest talent, the most innovative processes, and a commitment to giving back to the communities where associates live and work, Concord Hospitality is committed to being a great place to work for all. Learn more at concordhotels.com.

About Whitman Peterson

Whitman Peterson is a real estate private equity company investing in and actively managing opportunistic real estate investments on behalf of large institutional investors. Since late 2010, WP has raised four opportunity funds and has invested in the acquisition or development of more than 200 properties, with an aggregate capitalization of more than $20 billion. The firm has investments across 30+ markets in the U.S. and select investments in London. Whitman Peterson and Concord Hospitality have a long-standing, strategic partnership and are developing high quality hotels and short-term rental properties throughout the United States.