BUYER: W/E Oldsmar 2 LLC, Wilton, Conn.
SELLER: Double Fource Properties LLC
PROPERTY: 4017 Tampa Road, Oldsmar Road, Oldsmar
PRICE: $13.7 million
PREVIOUS PRICE: $1.2 million, February 2009
BUYER: W/E Oldsmar 1 LLC, Wilton, Conn.
SELLER: Sail Hotel Properties LLC
PROPERTY: 4052 Tampa Road, Oldsmar
PRICE: $8.6 million
LAW FIRM ON DEED: Aminie Mohip Esq., St. Petersburg
Washington, D.C.-based private equity firm Excel Group and Connecticut investment management company Westport Capital Partners LLC purchased two Oldsmar hotels. The joint venture purchased the 110-room Hampton Inn & Suites Tampa Northwest Oldsmar for $13.7 million and the 83-room Hilton Garden Inn Tampa Northwest/Oldsmar for $8.6 million.
The combined purchase price equated to $115,544 per unit.
The Hilton Garden Inn was built in 2006, and the Hampton Inn and Suites was constructed in 2013. The Hampton Inn & Suites contains a business center, coin laundry, fitness center and swimming pool. The Hilton Garden Inn features meeting rooms, a business center, fitness center, outdoor swimming pool and the Great American Grill restaurant.
The hotels were purchased in combination with a third, the 128-room Hyatt Place Lake Mary.
All three properties are described as institutional quality in high growth and well-diversified markets. The Excel Group says it plans about $3 million in renovation across the portfolio to reposition the assets.