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Commercial Real Estate
Business Observer Friday, Feb. 22, 2019 6 months ago

Starwood Capital buys trio of Marriott hotels

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Extended star product are located near major airports in Tampa and Fort Myers
by: Kevin McQuaid Commercial Real Estate Editor

Affiliates of Starwood Capital Group have acquired a trio of Gulf Coast hotels carrying Marriott flags for a combined $79 million, property records show.

Each of the three hotels — the Residence Inn by Marriott Tampa Westshore/Airport, the TownPlace Suites Tampa Westshore/Airport and the Springhill Suites Fort Myers Airport — are extended-stay lodging properties located just a few miles away from major airports.

Starwood purchased all three hotels from Atlanta-based Noble Investment Group, according to property and state records. Noble purchased all three hospitality projects in December 2014 for a combined $45.7 million, according to property records.

Neither Starwood nor Noble officials returned telephone calls for comment on the transactions.

The six-story Residence Inn, at 4312 W. Boy Scout Blvd. in the Westshore district, contains 160 rooms and is roughly 2.5 miles away from Tampa International Airport. Starwood paid $42.65 million for the hotel, the largest price of the trio it bought.

The other Tampa-area property, the TownPlace Suites at 5302 Avion Park Drive, is just 1.5 miles from Tampa International, records show. The four-story hotel, which contains 122 rooms, sold for $23.02 million.

Like the Residence Inn, the TownPlace Suites was last renovated in 2016.

To the south, Starwood bought the Springhill Suites Fort Myers Airport for $13.32 million, Lee County records show. That four-story, 106-room hotel was completed in 2006.

The 9501 Marketplace Road property is located roughly three miles away from Southwest Florida International Airport.

Investors like Starwood have been drawn to select-service, branded hotels in major Florida markets because they tend to generate customer loyalty and steady income streams.

In the case of Starwood, the deals for the three hotels comes less than a year after Marriott International Inc. and Starwood Hotels and Resorts Worldwide Inc. combined to form the world’s largest hotel operator.

Starwood — and funds it controls — also is one of the state’s leading buyers of commercial real estate. Last year, it paid $143.1 million to acquire the twin nine-story Urban Centre office complex in Tampa’s Westshore district in the largest office sale in the region for 2018.

And in 2016, it invested $95.25 million to buy the 936-unit Gulfstream Isles Apartments in Fort Myers. At the time, the deal ranked as one of the largest multifamily rental sales in the history of the Gulf Coast.

 

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