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Marriott-flagged hotel in Pinellas sells for over $20M
The Courtyard by Marriott Oldsmar/Tampa hotel has sold in a combined $24.75 million deal.
California-based MIG Real Estate, under the Tampa Road Hotel Holdings I LLC, sold the hotel property at 4014 Tampa Road in Oldsmar to the KMD Hotel Group LLC in two separate transactions – a recorded $13.2 million purchase and another $11.55 million deal.
The LLC is connected to Tampa medical doctor Mahendra Patel and Oldsmar resident Devangkumar Joshi.
KMD Hospitality Management is a hotel acquisition and management group of limited- and full-service hotels. The company’s portfolio includes IHG-flagged Holiday Inn Express, Home 2 Suites by Hilton, Residence Inn by Marriott, and Hampton Inn by Hilton hotels.
The acquired 99-room hotel, constructed in 2003, was recently renovated. The property features an outdoor pool, a fitness center and units with terraces.
The buyer, under the KMD Hotel Group 6 and Group 7 entities, assumed multiple mortgages for the purchased lots, including:
- A roughly $7.3 million loan from Grow Financial Credit Union and a second $4.38 million loan from the same institution.
- A roughly $$5.984 million loan and a $3.67 million loan from DFCU Financial.
Prior to the sale, the most recently significant local hotel deals that closed include Tampa-based hotel management group McKibbon Hospitality purchase of the Hampton Inn and Suites Clearwater/St. Petersburg hotel.
McKibbon purchased the 128-key hotel, at 4050 Ulmerton Road, in an $18.737 million deal in August from Chicago-based real estate firm Revantage.
In June, Denver-based Mission Hill Hospitality, a KSL Capital portfolio company that invests in hotels, purchased the Courtyard by Marriott and the AC Hotel by Marriott Clearwater Beach hotels for a combined $113.7 million.
Sanibel-based NPCW LLC, controlled by Norwich Partners, sold the 97,777-square-foot AC by Marriott hotel at 395 Coronado Drive in a $58.3 million deal.
The group sold the 115,313-square-foot Courtyard by Marriott hotel at 455 E. Shore Drive to Mission Hill Hospitality in a separate $55.4 million transaction.
