HREC Investment Advisors arranged the sale of the 126-guestroom Homewood Suites Tampa (Fla.) Brandon to Apple Hospitality REIT last month for a total purchase price of $18.8 million, or approximately $149,000 per key.
HREC exclusively represented the seller on this transaction. The marketing and negotiations were led by Scott Stephens (senior principal, COO and broker on record for Florida), Niven Patel (senior vice president – Tampa) and Wendy Blissett (senior vice president – Atlanta).
“It's a powerful statement from sophisticated buyers who are clearly bullish on the Tampa Bay market. Despite what you might hear about the national economic climate, this closing underscore an unwavering belief in the long-term potential and resilience of our local hospitality industry,” Patel said in a statement.
The property is ten minutes east of downtown Tampa and is close to the city’s most famous attractions like Busch Gardens Tampa Bay, The Florida Aquarium, Zoo Tampa at Lowry Park, Amalie Arena and the Tampa Riverwalk. Aside from the transient demand from I-75, the property is surrounded by diverse corporation, healthcare and leisure demand generators with proximity to USAA (multiple offices within two miles), HCA Florida Brandon Hospital (less than four miles away), and the Florida State Fairgrounds (five miles away).
According to data provided by STR for the trailing twelve months ended April 30, revenue per available room for the Tampa East, Fla. submarket improved by approximately 15 percent year over year.
Hilton, in turn, now has more than 500 hotels open across Florida, with more in the pipeline.