BUYER: Tampa East Hotel Holdings LLC (MIG Real Estate LLC), New Port Beach, Calif.
SELLER: GI Tampa Realco LLC
PROPERTY: 10309 Highland Manor Drive, Tampa
PRICE: $12.5 million
PREVIOUS PRICE: $17.15 million, December 2005
TITLE FIRM ON DEED: First American Title Insurance Co., Atlanta
PLANS, DESCRIPTION: Newport Beach, Calif.-based real estate investment company MIG Real Estate LLC purchased the 152-unit Hilton Garden Inn Tampa East/Brandon for $12.5 million.
The price equated to $82,237 per unit.
Built in 2002, the hotel occupies a 3.53-acre parcel. It features meeting space, an outdoor swimming pool, exercise room, business center, restaurant and laundry facilities.
The Hilton Garden Inn marks MIG Real Estate's fourth hotel acquisition in Florida. In late 2012, the company purchased the 99-room Courtyard by Marriott Tampa/Oldsmar for $11 million, the 78-room Residence Inn By Marriott Tampa Oldsmar for $9.2 million and the 100-room Residence Inn Tampa Suncoast Parkway at NorthPointe Village for $13.5 million. Including the Hilton Garden Inn Tampa East/Brandon, the company now owns a total of 11 hotels with 1,350 rooms in the western United States and the Sunbelt.
“This is a very high-quality product featuring an outstanding location in a mature business park with direct accessibility to other nearby East Tampa employers, amenities and attractions,” Greg Merage, CEO of MIG Real Estate, says in a press release.
Hodges Ward Elliot represented the seller. The property is being operated by Raleigh, N.C.-based Concord Hospitality Enterprises.
MIG Real Estate owns and operates a diverse portfolio of real estate including hotels, grocery-anchored shopping centers, office, industrial and multifamily. Since April 2009, the company has acquired more than 5 million square feet of property.
MIG Real Estate's purchase entity Tampa East Hotel Holdings LLC mortgaged the property to Bank of America NA for $12.5 million.