CLEARWATER — Norwalk, Conn.-based HEI Hotels & Resorts purchased the 115-suite Residence Inn By Marriott Clearwater Downtown for $10 million.
The price equated to $86,957 per suite.
Built in 2008, the seven-story hotel features only suite units with full kitchens and specializes in extended-stay business. The seller, an affiliate of Southeast Hospitality Properties LLC, purchased the property in mid-2006 for $1.7 million.
“We are confident in future demand growth for the greater Tampa market as it continues to rebound and are excited about acquiring this high-quality asset,” Steve Mendell, president of acquisitions and development for HEI, says in a press release.
The property includes an outdoor swimming pool, barbecue area, fitness facilities and a 400-square-foot meeting room.
Houston-based real estate brokerage HFF's Tampa office handled the transaction.
The hotel is the 12th acquisition by HEI's Fund III and the 14th Marriott-branded hotel in HEI's 42-property portfolio.