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BUYER: RRI NC I LLC (RRI NC Mezz LLC), Houston
SELLER: R-Roof IV LLC
PROPERTY: 10121 Horace Ave., Tampa
PRICE: $2.2 million (debit)
PREVIOUS PRICE: $5.57 million, August 2007
LAW FIRM ON DEED: Bryan Cave LLP, New York City
PLANS, DESCRIPTION: RRI NC I LLC, an entity affiliated with Houston-based Westmont Hospitality Group, has taken over ownership of the Red Roof Inn on Horace Avenue.
The ownership transfer was done as part of a financial restructuring of the Cleveland, Ohio-based Red Roof Inn motel company. The sale was in exchange for the forgiveness of $2.2 million in debt.
The 34,838-square-foot hotel features 120 units, according to the Hillsborough County Property Appraiser. The three-story motel contains laundry facilities and an outdoor pool.
RRI NC I LLC mortgaged the property and several other hotel properties to Deutsche Bank Trust Co. Americas for $100 million.
Westmont Hospitality Group, one of the largest private owner/operators of hotels in the world, is part owner in Red Roof Inn.
Red Roof Inn will continue to operate the property.
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