GAINESVILLE, FL-Orlando-based Inland American Lodging Corp. has acquired the 248-room University of Florida Hilton Hotel. The hotel was acquired from Cornerstone Real Estate Advisors LLC. The acquisition price was not released, but the property is valued at more than $20 million, according to public records.
Inland American Lodging Corp. is a subsidiary of Oak Brook, IL-based Inland American Real Estate Trust Inc. The hotel will remain a Hilton property and will be managed by Memphis-based Davidson Hotel Co.
“Investors were attracted to the Hilton's overall quality, extensive conference center facilities and the consistent demand base generated by its University of Florida orientation,” says Molinaro Koger senior vice president Ali Baheri. Washington, DC-based Molinaro Koger represented Cornerstone Real Estate Advisors.
The red brick hotel was constructed in 2000 and is located on the southwest corner of campus. The hotel's conference center contains more than 21,000 sf of meeting space. It has had RevPAR growth of more than 15% over the past two years due to strong market conditions in Gainesville.
“This is a property that has significant upside potential and will benefit from strong, focused management,” says Davidson president and CEO John Belden. “We intend to work closely with officials at the University of Florida and are examining opportunities for upgrading the property and will be making recommendations to the owners shortly.”
Davidson owns and/or manages 31 hotels with nearly 9,100 hotels across the US, including brands such as Westin, Sheraton, Hyatt and Hilton.
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