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Argosy Real Estate Partners Exits the PRISA Hotel Portfolio
Argosy Real Estate Partners III, L.P. and its parallel funds (“Argosy”) successfully exited its investment in the PRISA Hotel Portfolio (“PRISA”), which included the development of two Marriott branded hotels, a 175-room AC Hotel in Tampa, Florida and a 254-room dual-branded Residence Inn/SpringHill Suites in Orlando, Florida. The partnership sold the Residence Inn/SpringHill Suites in Orlando, Florida in May 2018 and the AC Hotel in Tampa, Florida in September 2018.
In July 2016, Argosy partnered with Peachtree Hotel Group and PRISA Group to develop the two hotels. This was Argosy’s sixth investment with Peachtree Hotel Group. The AC Hotel in Tampa is located within MetWest International, a high-end 32-acre mixed-use development in Tampa’s thriving Westshore Business District located immediately southeast of Tampa International Airport. The dual-branded 120-room Residence Inn/134-room SpringHill Suites in Orlando is located in the International Drive submarket near Universal Studios and adjacent to the Mall at Millenia, one of the top-ranked malls in the country and a major tourist destination. Construction of both hotels commenced in August 2016 and was completed in early 2018, both on schedule and on budget.