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BUYER: Rist Properties LLC (officers: Christian and Andrea Kast and Pamela Prett), Miami Beach
SELLER: Garden Hotel LLC
PROPERTY: 3001 University Center Drive, Tampa
PRICE: $6.95 million
PREVIOUS PRICE: $3.75 million, November 2013
LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater
PLANS, DESCRIPTION:
The Kast family of Argentina purchased the 150-suite Baymont Inn and Suites for $6.95 million.
The price equated to $46,334 per unit.
Built in 1989, the 97,686-square-foot hotel features only two-room suites, a breakfast/dining room, a bar, a swimming pool and deck and administrative offices.
The seller, Mallah Investments, purchased the property in 2013 from financier CW Capital Asset Manatee, which had foreclosed on it in 2011. Mallah Investments replaced the furniture in all the units, resurfaced the pool deck and parking lot, painted the exterior and renovated the lobby.
Tim Johnson of TBJPA handled the sale. The buyers assumed the hotel's franchise agreement with Wyndham Worldwide.
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