Cardinal Point Management makes first hotel investment in $18.9M deal for Ramada Westshore
By Breanne Williams
Tampa Bay Business Journal
Published: Dec 16, 2021

Tampa-based Cardinal Point Management has purchased the Ramada Tampa Westshore hotel for $18.9 million from Largo real estate investor Benjamin Mallah, founder of Equity Management Partners, according to a deed filled in Hillsborough County.

Berkadia Hotels & Hospitality arranged the sale and financing of the Ramada Tampa Westshore; the deal closed on Dec. 15. The sale of the 237-room hotel in Tampa — which breaks down to $79,746 per key — was completed by Managing Director Preston Reid and Senior Director Wyatt Krapf of Berkadia Hotels & Hospitality on behalf of Mallah. This is Cardinal Point Management’s first hotel investment.

The Ramada Westshore has amenities like an outdoor pool, sundry shop, fitness center and a business center. The hotel was built in 1973 and is located near Tampa International Airport.

“This property sits in the heart of Tampa’s booming Westshore submarket, with excellent proximity to some of the area’s strongest demand drivers,” Reid said in a news release. “We are excited to see Cardinal Point’s strategic plan come to fruition on its first hotel investment.”

Mallah has made a wide range of investments in Westshore over the years. In November 2018, he purchased the Holiday Inn Westshore for $20 million, and in August 2018, he bought a shopping center near Raymond James Stadium for $27 million.

Outside of Westshore, Mallah has investments throughout Tampa Bay, including the Menna’s Landing condominium building and the marina at John’s Pass.

The borrower, Cardinal Point Management, received financing from Stabilis Capital Management.

Cardinal Point Management owns various properties throughout Tampa Bay, including a Bank of America in Clearwater, the 41,044-square-foot Belleair Bazaar retail center and The Slade in downtown Tampa.