Tampa investors pick up Oldsmar hotels for $24.75 million
By Breanne Williams
Tampa Bay Business Journal
Published: Oct 31, 2023

Two Pinellas County hotels — The Courtyard and Residence Inn Tampa Oldsmar — have sold for a combined $24.75 million.

The Courtyard Tampa Oldsmar at 4014 Tampa Road and Residence Inn Tampa Oldsmar at 4012 Tampa Road sold on Oct. 5, according to a deed filed in Pinellas County. The buyer was KMD Hospitality Management LLC, and the seller was California-based MIG Real Estate Group.

The hotels have a total of 177 keys. The sales price breaks down to roughly $139,830 per key.

Hunter Hotel Advisors’ Robert Taylor, executive vice president, and Trey Scott and Sophia Pittaluga, senior vice presidents, arranged the sale on behalf of MIG in Florida.

“In a recent strategic move, KMD has successfully acquired two prominent hotels in a significant transaction, marking a pivotal moment in its quest for growth and influence within the hospitality sector in Tampa,” Manny Patel, president and CEO of KMD, said in a release.

The hotels include a fitness center, outdoor pool and meeting space. The hotels are less than 2 miles from Tampa Bay Downs, which is home to the annual Tampa Bay Derby as well as golfing facilities, high-stakes poker and thoroughbred racing.

KMD manages more than 600 rooms. The group was established in 1997.

“As it looks to the future, KMD is unwavering in its mission to enhance and diversify its offerings, all while maintaining a strong connection to its local roots,” Patel said in a statement. “With this exciting acquisition, they are set to raise the bar and continue their path to becoming a beacon of hospitality excellence in the region.”