The RADCO Companies (RADCO), one of the leading opportunistic real estate developers in the United States, has added three more Florida properties to its expanding portfolio. Focused on growing Southeastern markets with strong business and tourist potential, RADCO has acquired three Courtyard by Marriott properties along the Gulf Coast with over 300 rooms.
Hunter Hotel Advisors served as a broker for the two Courtyards in Pensacola and downtown Panama City Beach, while CRBE Hotels brokered the Courtyard in downtown St. Petersburg. Two of the three properties have undergone recent renovations, and RADCO will begin updating the remaining hotel this year. There are also plans for additional capital and operational improvements to the recently enhanced hotels.
Courtyard by Marriott Panama City Beach
In 2021, RADCO launched a new hotel division in response to disruptions in the hospitality sector's operational and capital markets caused by the COVID-19 pandemic. With these acquisitions, RADCO's hotel portfolio has grown to nine properties, including six in Florida, within the last 13 months. According to Norman Radow, CEO of RADCO, the company is continuing to seek out hospitality assets in line with the company's overall investment strategy and actively working on closing additional hospitality properties before the end of 2022.
"The continuing influx of new residents into Florida and strong market fundamentals, combined with the rebound underway in both the tourism and hospitality sectors, make these very attractive investments. The properties have been performing well over the past several months, and we see significant upside in all three of these assets."
The Pensacola and Panama City Beach Courtyards will continue to be managed by LBA Hospitality, which also oversees three other hotels recently acquired by RADCO in Panama City Beach. The Courtyard by Marriott in downtown St. Petersburg, FL, which is located in a historic building, will be managed by TPG Hotels, Resorts & Marinas.
The RADCO Companies has a 28-year history of acquiring and investing in opportunistic real estate across all asset classes. The firm's investment strategy targets underperforming assets that offer immediate mark-to-market opportunities and assets requiring capital infusion to add value. RADCO seeks out well-located assets with limited access to institutional debt or equity capital for various reasons.
