Rocky Point hotel sold as redevelopment site
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 19, 2024

An aging hotel on the Rocky Point waterfront has been sold as a redevelopment site.

The Chase Suite Hotel sold to Denver-based Northwood Investments for $21.4 million in a deal that closed Wednesday, according to Hillsborough County property records. A team from Berkadia North and Central Florida, including Matt Mitchell, Chris Burtner and Kyle Sahlsten, represented the seller, an affiliate of Hardage Hospitality, in the transaction.

Northwood hasn't yet shared its plans for the property, though there are several possibilities. The 160-key extended-stay hotel was built in 1986. It sits on 4.58 acres and its zoning allows for a range of uses, including condominiums, a hotel or mixed-use development, according to Berkadia. The hotel could also be converted to a multifamily property or continue operating as a hotel.

“Located just west of the Westshore business district, the island of Rocky Point is a premier destination where developers have recently constructed new Class A multifamily communities and hotels," Mitchell said in a statement.

Rocky Point has been on the verge of a renaissance for years. Earlier this year, the parent company of Oxford Exchange, which owns The Current Hotel on Rocky Point, opened rooftop Mexican restaurant Casa Cami there.