Loading
BUYER: Apple Nine Hospitality Ownership Inc. (principals: Justin Knight, David McKenney, David Buckley, Kristian Gathright and Bryan Perry), Richmond, Va.
SELLER: Whiteco Industries Inc.
PROPERTY: 10220 Palm River Road, Tampa
PRICE: $20.92 million
LAW FIRM ON DEED: Apple REIT Cos.
PLANS, DESCRIPTION: Richmond, Va.-based Apple Real Estate Investment Trust purchased the 147-unit Embassy Suites Tampa/Brandon for $20.92 million.
The price equated to $142,299 per unit.
Every unit of the hotel is a two-room suite with a wet bar. The hotel, built in 2007, features an outdoor pool and spa, a fitness facility, Mango's Restaurant Bar and Grill and 3,200 square feet of meeting space.
Merrillville, Ind.-based White Lodging sold the hotel to Apple REIT as part of a portfolio of other properties. The REIT retained White Lodging to manage all the properties.
“Compared to the market we are doing very well,” says Ryan Frederick, the hotel's general manager. “Of the four markets in Tampa, our area in east Tampa has been the most distressed. But we've been holding our own.”
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
