McKibbon Hospitality has entered into a new strategic partnership with commercial real estate firm Liberty Group. As Liberty Group shifts its focus to development, real estate and asset management, the company will be transitioning management of its remaining seven hotels to McKibbon.
The seven hotels include Fairfield Inn & Suites Ft. Pierce, Hampton Inn & Suites Cape Coral, Hampton Inn Ormond Beach, Hampton Inn & Suites Tampa East, Hampton Inn Vero Beach and Hampton Inn & Suites Lady Lake/The Villages, all in Florida, as well as Hampton Inn Norfolk/Virginia Beach in Virginia. An additional hotel development project, Home2 Suites Lady Lake/The Villages, recently broke ground and will be managed by McKibbon upon its completion in summer 2022.
Founded in 1980 by Raxit Shah, Liberty Group has evolved from a hotel developer/operator to a diversified family office. Today, the company is led by Punit Shah, CEO/general partner of its private equity funds, who took the reins more than a decade ago following his father’s retirement, leading the company in the acquisition of more than 50 hotels since that time.
“From our family roots to our company cultures and commitments to always operating with the highest level of integrity, Liberty Group and McKibbon Hospitality are very aligned which made entrusting them with the management of these properties extremely easy; we’re simply better together,” said Punit Shah. “This partnership will allow us to continue exploring expanded opportunities for hotel investments and development, all while knowing these seven hotels and its associates are in trusted hands.”
The management contract for these properties not only forges a new relationship between McKibbon Hospitality and Liberty Group, but it also expands McKibbon’s presence throughout Florida markets, where the company currently manages 44 additional properties.
“We are beyond pleased to partner with Punit and the Liberty Group team on the management of these hotels, allowing both of our companies to grow in their respective areas,” said Randy Hassen, president, McKibbon Hospitality.
The seven hotels add a total of 607 new rooms to McKibbon’s overall management portfolio, bringing the total number of guestrooms to 10,509 across 92 hotels throughout the U.S.