Westmont Hospitality buys Tampa Red Roof Inn

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.