Marriott TownePlace Suites

PROPERTY CHARACTERISTICS

• 94 room hotel
• Located in Doral, FL

ACQUISITION

• August 2015

INVESTMENT OPPORTUNITY

• Property purchased from a special servicer at auction, which required an immediate deposit and deterred competition
• Very high in-place yield
• The Doral submarket includes several demand drivers and is booming, with an expected increase in population of 15% over the next 5 years

EXECUTION

• Strongly accretive financing creates substantial cash-on-cash returns
• Operational improvements in process