Waterfront hotel on Rocky Point sold for $75 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 17, 2023

A Minnesota hotel investor has paid $75.9 million for the DoubleTree hotel on the Rocky Point waterfront.

Oliver Cos., based in Duluth, closed on the hotel on Jan. 10, according to Hillsborough County property records. The 291-key hotel last sold for $34.75 million in 2018.

The seller was New York-based Square Mile Capital Management. The hotel has an on-site restaurant and just under 4,000 square feet of event space. Its largest meeting room is over 1,700 square feet.

Oliver Cos. has assumed a $38 million mortgage as part of the transaction, according to property records. The lender is New York-based Aareal Capital Corp.

The recorded purchase price breaks down to $260,824 per key, though property records often don't tell the full story of a hotel acquisition. Sales prices shown in property records often exclude the price of the hotel's furniture, fixtures and equipment.