HILTON GARDEN INN FORT MYERS ACQUIRED BY EXCEL GROUP FOR $8.7 MILLION
FORT MYERS, FL – July 30, 2013 — Following the 126-room property’s foreclosure and subsequent REO, Excel Group acquired the Hilton Garden Inn Fort Myers for $8.7 million. This was a direct transaction with a major special servicer.
The property is located near I-75 and is close to the Southwest Florida International Airport, and the Fort Myers lodging market is on the upswing with a 7.1% RevPAR increase last year. Named a top place to live and do business by Forbes, Inc. and Money Magazine, the emergence of the Florida Gulf Coast University (FGCU) has spurred expected job increases and economic outlook, bolstering the hotel’s potential.
As a freshly-renovated property, the Excel Group forecasts it will elevate the hotel’s market position, increase market penetration and become a premiere hospitality destination in Fort Myers.