Westshore hotel sells for less than it did in 2019
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 8, 2024

A hotel in Tampa’s Westshore business district has sold at a loss.

Starwood Real Estate Investment Trust sold The Residence Inn Tampa Westshore/Airport, which is near International Plaza, on Dec. 27. The price recorded in Hillsborough County property records was $34.48 million, but property transfer records usually do not reflect the entire price of a hotel transaction. The price of furniture, fixtures and equipment are not typically recorded with the property sale.

The recorded sales price when Starwood bought the 160-key hotel in 2019 was $42.65 million, property records show. It is at least the second time in a year that Starwood has sold a Tampa property at a loss: In May 2023, the parent company of SREIT, Starwood Capital Group, sold office complex Urban Centre at a loss.

The buyer is an entity linked to Houston-based Dauntless Capital Partners, a private equity firm that specializes in hospitality properties. The Plasencia Group, based in Tampa, said Monday that a team including Dexter Wood, Chris Plasencia, Nick Plasencia, John Plasencia and Andrew Pappas represented Starwood in the transaction.

The Dauntless entity secured a $32.4 million mortgage from JPMorgan Chase Bank in late December, property records show.

“The Residence Inn plays a vital role in Westshore’s hospitality sector, and we’re excited to have a front-row seat for the asset’s next chapter,” Nick Plasencia said in a statement.