COCOA BEACH, Florida - H.I.G. Capital, a global private equity investment firm, announced that an affiliate, H.I.G. Realty Partners, has completed the sale of the 296 room Hilton Cocoa Beach Oceanfront Hotel in Cocoa Beach, Florida.
H.I.G. Realty said in a statement that the company implemented an extensive renovation program which addressed all guest rooms and common areas and included the addition of a new oceanfront food and beverage outlet. The company touted that net operating income of the hotel tripled during H.I.G. Realty’s ownership. This transaction represents H.I.G. Realty’s fifteenth successful realization or partial realization in the last two years.
“The Hilton Cocoa Beach success story is yet another example of H.I.G. Realty’s ability to identify and execute a value add strategy that resulted in the creation of an enhanced, stabilized income stream,” said Ira Weidhorn, Co-Head of H.I.G. Realty.
Photo credit: Brevard Times / file.