Waramaug Hospitality buys Holiday Inn Express & Suites

BUYER: CREFIII Waramaug Busch Gardens LLC (manager: Paul Nussbaum), Boca Raton
SELLER: Liberty Busch Gardens LLC
PROPERTY: 2807 E. Busch Blvd., Tampa
PRICE: $8.04 million
PREVIOUS PRICE: $1.01 million, October 2006
LAW FIRM ON DEED: Johnson Pope Bokor Ruppel & Burns LLP, St. Petersburg

PLANS, DESCRIPTION:
Private investment firm Waramaug LS Hotels LLC purchased the 123-key, 69,000-square-foot Holiday Inn Express & Suites-Tampa-USF-Busch Gardens for $8.04 million.

The price equated to $65,356 per unit. That figure is less than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.