- Blueleaf, 3VP acquired Aloft in Florida.
- The hotel is near University of Florida Campus.
- Hunter Advisors brokered the deal.
The owners plan to upgrade the guest rooms and public areas and expect the newer property to generate cash flow from the start, the companies said in a statement. Island Hospitality Management will operate the hotel, while Ashburton Hospitality will handle asset management.
The property, built in 2018, is near the University of Florida campus, Hunter said in a statement. It is also near Butler Town Center and Celebration Pointe. It features about 3,000 square feet of meeting and event space, an outdoor pool and a fitness center.
“The asset is newer, the brand is strong and the demand generators are already in place, said Andy Chopra, Blueleaf founder. “Our job is to gain market share, improve operations and turn those gains into stronger financial results.”
Josh Goldfarb, partner at 3VP said, the hotel benefits from its Marriott affiliation, newer infrastructure and nearby university demand.
““At a reset basis, those attributes allow us to create value through execution rather than leverage or aggressive market assumptions,” said Goldfarb.
“Its proximity to the University of Florida, healthcare, athletics, retail and other major demand generators made it a compelling opportunity in one of the Southeast's dynamic college markets,” said Sophia Pittaluga, senior vice president at Hunter.
Wyatt Kraph of JLL Capital Markets advised Blueleaf and 3VP, while Live Oak Bank provided acquisition financing. Samir Patel and Nicky Cooke of KPPB Law served as legal counsel.
Last December, Blueleaf and 3VP acquired the 220-key SpringHill Suites by Marriott Atlanta Buckhead in Atlanta.
