UF Hilton deal announced
Published: Monday, October 1, 2007 at 3:05 p.m.
Last Modified: Monday, October 1, 2007 at 3:05 p.m.
The University of Florida Hilton Hotel and Conference Center has been purchased by Inland American Lodging Corporation from Massachusetts Mutual Life Insurance Co.
The deal was announced Monday by Molinaro Koger, a Washington, D.C., firm acting on behalf of Cornerstone Real Estate Advisers LLC, which was the broker and developer on behalf of Massachusetts Mutual.
The hotel at SW 34th Street will remain a Hilton, Molinaro Koger announced.
“Investors were attracted to the Hilton's overall quality, extensive conference center facilities and the consistent demand base generated by its premier University of Florida orientation,” said Ali Baheri, senior vice president of Molinaro Koger.
Revenue per available room has grown more than 15 percent in the past two years, the company said.
Davidson Hotel Co., a Memphis, Tenn., hotel owner and management firm, will take over management duties.
“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,” said John Belden, Davidson president and chief executive officer.
UF owns the property, which it had been leasing for $40,000 a year.
Inland American Lodging is a subsidiary of Inland American Real Estate Trust Inc. of Oak Brook, Ill.
The hotel opened in 2000 and has 245 rooms, three suites and more than 21,000 square feet of meeting space.
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