Marcus & Millichap Inc.
12/03/2021 | Press release | Archived content
Marcus & Millichap Announces the Sale of Sleep Inn & Suites Tampa South for $9.5M
TAMPA, Fla., December 3, 2021 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of Sleep Inn & Suites Tampa South, a four-story, 77-room hospitality property located in Tampa, Florida. The newly built hotel sold for $9.5 million.
The deal was brokered by Ely Silverstein, Christopher Passeggiata, David M. Greenberg, and Gabriel Shamay, investment specialists in Marcus & Millichap's Fort Lauderdale office. The team had the exclusive listing to market the property on behalf of the Florida-based seller, Sitaram Tampa LLC. Based in Largo, Florida, the buyer was also secured and represented by Silverstein, Passeggiata, Greenberg, and Shamay.
"The lack of available hotel inventory in the Tampa market combined with the targeted marketing process run by our team, we were able to generate significant buyer interest for this newly built Sleep Inn & Suites," said Silverstein. "We were able to put this deal under contract approximately one month after listing the property and ultimately closed with an all-cash buyer for $9.5 million."
The hospitality market in the area remains resilient and is expected to rise due to its proximity to Downtown Tampa and local tourism spots.
"Tampa has become a highly sought-after city for people to relocate to, and each time we market a hotel in the Tampa MSA, we generate multiple competing offers, as was the case with the sale of the Sleep Inn & Suites Tampa South," added Greenberg. "Tampa is the third-largest city in Florida, and the population is projected to grow 3.3% annually over the next few years, and more than 126,000 new residents are forecast to move to the metropolitan area by 2024. High growth industries in the Tampa metro area include financial and professional services, information technology, manufacturing, distribution, life sciences and healthcare. The steady population growth, and business growth throughout Tampa, suggests that this Sleep Inn & Suites Tampa South has a long, profitable future ahead."
Sleep Inn & Suites Tampa South is located at 6231 S Dale Mabry Hwy in Tampa, Florida, directly off South Dale Mabry Highway. Built in 2019, the 34,923-square-feet property includes a fitness center, swimming pool, free private parking, a shared lounge, and a wellness center. The hotel is within 20 minutes of Macdill Air Force Base, Tampa International Airport, Raymond James Stadium, Amalie Arena, the Tampa Convention Center, and the New York Yankees Training Camp.