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BUYER: EH Tampa Westshore LLC (executive vice president: Charles Omage), New York City
SELLER: Leeward Strategic Properties Inc.
PROPERTY: 4817 W. Laurel St., Tampa
PRICE: $12 million
PREVIOUS PRICE: $15.75 million, March 2013
LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Miami
PLANS, DESCRIPTION:
Encore Hospitality LLC, a subsidiary of Encore Enterprises Inc., purchased the 132-unit Westshore Tampa Hampton Inn for $12 million.
The price equated to $90,909 per unit. That figure is higher than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.
The hotel features an outdoor swimming pool, fitness center, business center and 475 square feet of meeting space.
Encore Hospitality purchased the Hampton Inn in 2005 and sold it off in quitclaim deed to an affiliate of Archon Hospitality LP in 2007 for $17.08 million.
The buyer plans to renovate the Hampton Inn over the next year at a cost of about $30,000 per room.
Encore Hospitality LLC was founded in 1999 as a hospitality acquisition, development and asset management company.
The purchase entity, EH Tampa Westshore LLC, mortgaged the property to General Electric Capital Corp. for $11 million.
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