DALLAS, May 6, 2014 /PRNewswire/ -- GTM Hospitality, LLC and LIG Assets, Inc. (PK: LIGA) announce the acquisition of the Wyndham Baton Rouge Hotel. Led by GTM, in its latest addition to its portfolio, the property boasts a unique financial structure that includes LIG Assets, Inc.
The property is an 81 unit hotel located in vibrant Baton Rouge, the Capital City of Louisiana. The market is bolstered by the oil and gas industries as well as being located closely by Louisiana State University. With transient, group and long term contract business frequenting the area, the Wyndham Baton Rouge is a great fit for GTM and LIGA.
Led by long time hotelier Marty McDaniel, GTM Hospitality, LLC is a fully integrated, full service Management and Development Company with an expanding portfolio of owned and managed properties based in Panama City, Florida. President and CEO McDaniel states, "This acquisition represents the first of many with LIGA and our capital partners.
McDaniel continued, "This transaction is a testament to creative finance, strong leadership and a deep understanding of the lodging industry. There is a strong synergistic presence between our two companies and we have developed a pipeline of properties that fit financially and strategically for both of us," said McDaniel.
Based in Dallas, TX, LIG Assets, Inc. is a publicly traded real estate company focused on residential and commercial real estate transactions and growing its hospitality portfolio. "We are very excited to be in the hospitality space with GTM," said Jeff Love, President and CEO of LIG Assets, Inc. "This deal represents the first of many that are planned between our companies."
Love continued, "We have created a successful acquisition model that will allow us to grow together over the coming months and years. We are excited to be partnered with GTM and about the future of our companies working together."
Lending provided through The Bancorp Bank with advisory services provided through Meridian Capital, New York, New York.
About GTM Hospitality, LLC
GTM Hospitality, LLC is a fully integrated, full service Management and Development Company with an expanding portfolio of owned and managed properties based in Panama City, Florida. The Company is led by long time hotelier, Marty McDaniel, CHA who is President and CEO.
About LIG Assets, Inc.
LIG Assets, Inc., based in Dallas, TX, is a Company focused on residential and commercial real estate. Through its alliances with hedge funds, mortgage brokers, and hard money lenders, LIG Assets plans to expand its residential portfolio and increase commercial property transactions. LIG Assets, Inc. currently trades on the pink sheets under the ticker symbol "LIGA". For additional information, please visit LIG Assets corporate website:
President and CEO LIG Assets, Inc.
SOURCE LIG Assets, Inc.