Tampa hotel broker moves to Hodges Ward Elliott
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Feb 21, 2023

Hodges Ward Elliott has hired Tampa hotel broker Preston Reid as managing director — a move that reunites Reid with his longtime mentor, HWE president and chief operating officer Dan Peek.

Reid, who left Berkadia for HWE, has had a hand in some of the Tampa Bay region's largest hospitality transactions, including sales of The Current Hotel on Rocky Point and the Ramada Westshore. Before joining Berkadia in 2019, Reid worked with Peek at HFF, where their notable transactions included the sales of Grand Hyatt Tampa Bay, The Vinoy Renaissance and Golf Club, Hilton Tampa Downtown, Westin Harbor Island, and Hyatt Regency Sarasota.

“There is a tremendous amount of equity ready to be deployed into quality hotels in markets like Tampa and Florida, and transactions are happening, but as in other asset classes, the capital markets have remained choppy and uncertain,” Reid said in a statement.

Wyatt Krapf, who also worked with Reid and Peek, joined HWE in January.

At the end of 2022, HWE facilitated the sale of the Sirata Beach Resort on St. Pete Beach.

“For strategic assets, demand remains robust. HWE realized this firsthand late last year when it took offers on Sirata Beach Resort, as an example," Peek said in a statement. "There was a deep pool of competitive, institutional investors, which resulted in a record-setting sales price for Pinellas County.

"We anticipate a very active second half of the year as the Fed pauses raising interest rates."