SARASOTA, Fla. – Alex Diaz Trustee of The Tamiami Trail Trust has purchased the Baymont by Wyndham hotel in Sarasota for $8 million. The 99-room hotel sits on 2.2 acres at 1425 S. Tamami Trail.
Jag Grewal, CCIM, SIOR, of Ian Black Real Estate facilitated the transaction. The seller was Daus Investments, LLC.
“This property presented a good opportunity for the buyer because it allowed them to purchase an existing hotel property in a hot hospitality market,” said Grewal, partner at Ian Black Real Estate. “We may see hospitality supply in our area tighten soon, as the cost of new construction continues to escalate due to labor shortages and supply chain problems.”
The Baymont by Wyndham hotel is located less than 6 miles from Sarasota International Airport and is in close proximity to tourist destinations like Marie Selby Botanical Gardens, Desoto Speedway, The Ringling and Siesta Key Beach.
“Hospitality in Sarasota is very hot right now,” Grewal said. “We’re seeing a significant influx of visitors from all over the country, and now, as borders begin to open, we will definitely see more international visitors coming to the area.”
About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.
About SIOR
SIOR is the leading global professional office and industrial real estate organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industry’s top professionals qualify for SIOR. Today, there are more than 3,200 members in 685 cities and 36 countries. For more information, visit www.sior.com