Two Bay area hotels sold as part of three-property deal worth nearly $70 million
By Frances McMorris
Tampa Bay Business Journal
Published: Jan 23, 2018

Proving that the hotel business in the Tampa Bay region is hot, three Marriott hotels, including two in Tampa and Sarasota, have been sold as part of a $68.75 million transaction.

Hunter Hotel Advisors announced the sale of the 149-room Springhill Suites Tampa Westshore and the 153-room Courtyard by Marriott Riverfront. The 152-room Courtyard Boynton Beach was also part of the deal.

The Courtyard by Marriott Riverfront and the Springhill Suites Tampa were bought by an affiliate of Ocean Properties, which currently manages the hotels.

Both hotels have recently gotten facelifts. Hunter represented an affiliate of Rockwood Capital in the sale of the three hotels.

According to Hillsborough County property records, the Springhill Suites Tampa at 4835 W. Cypress St. was purchased in December by Sleep Over LLC of Auburn, Maine for $15.945 million. The Courtyard by Marriott Riverfront is located at 100 Riverfront Drive in Bradenton and was sold for approximately $22.68 million, according to property records in Manatee County.

The Boynton Beach hotel is located at 1601 N. Congress Ave. and was purchased by a private investor, according to Atlanta-based Hunter.

Teague Hunter, president of Hunter Hotel Advisors, in a statement said his company's team worked together to "capitalize on market conditions."

Hunter Hotel Advisors, which primarily represents sellers, has been busy in the Tampa Bay region.

Last summer, the company announced that Staybridge Suites in St. Petersburg changed hands, with a Rhode Island company buying the hotel for $20.5 million. The InterContinental Hotels Group PLC branded hotel at 940 5th Ave. S was purchased by Procaccianti Companies of Cranston, Rhode Island, and was to be operated by its hospitality management arm, TPG Hotels & Resorts. The new owners were attracted to the 119-room hotel built in 2014 for its strong cash flow and location to the area's high-growth market, Hunter Hotel Advisors, said at the time. Hunter represented the seller, Bayboro Hoteliers LLC, in that deal, which broke down to $172,000 per key.

Also last summer, Hunter announced that it represented a Southeast hospitality fund in the purchase of the Hampton Inn Tampa Busch Gardens for $11.7 million or $140,000 a key from Sarai Busch Gardens LLC. The buyer for the 84-room, new construction was Greensboro, North Carolina-based Daly Hotel Management. Hunter arranged $8.83 million in financing for the acquisition of the hotel.

In January 2017, Hunter also represented a real estate private equity firm in the sale of the SpringHill Suites St. Petersburg Clearwater, for an undisclosed amount. The hotel was purchased by a Canadian fund that is planning to capitalize on the hotels strong cash flow, Marriott brand and location in a high-growth market. Built in 2006, the three-story, 79-room hotel was fully renovated in 2015.

In 2016, Hunter represented Bay Winds Lodging Sarasota LLC, a unit of Naples-based White's Lodgings, in the sale of the Hyatt Place Sarasota. The 114-room hotel was bought for $16.1 million by a subsidiary of Lodgco Hospitality LLC, which is based in Mount Pleasant, Michigan.