TAMPA, Fla., Sept. 21, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the five-story, 86-room Hampton Inn Tampa-Airport North, according to Ari Ravi, regional manager of the firm’s Tampa office. The hotel sold for $12.6 million, which equates to $146,512 per room.
“There is a healthy appetite for upper-midscale hotels in Tampa,” says Jonathan Ruprai, senior director of Marcus & Millichap’s National Hospitality Group. “Our marketing campaign highlighted this asset’s premium brand, market and location and we generated a remarkable amount of activity, which led to multiple offers in a short amount of time. The preeminent interested party, a Canadian-based investment group, seized the opportunity to acquire the Hampton Inn by moving quickly and offering an attractive price with strong terms, which ultimately positioned them to be the winning bidder.”
Ruprai represented the seller and procured the buyer. The hotel is situated seven miles from Tampa International Airport and surrounded by more than 6 million square feet of office space in the North Tampa submarket. The Hampton Inn was constructed in 2001, and recently went through the Forever Young Initiative renovation on the interior.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com