- February 24, 2024
Bethesda, Md.-based Host Hotels & Resorts Inc. completed the purchase of the 454-room Hyatt Regency property in Bonita Springs in April, part of a three-property deal with Hyatt Hotels Corp. valued at more than $1 billion. The deal ranks as the largest acquisition of a single Gulf Coast lodging property in history, exceeding the $214 million the same company paid for St. Petersburg’s Don Cesar Hotel & Resort a year earlier. Host Hotels’ President and CEO James Risoleo in a statement described the Lee County hotel as “exactly the type of iconic real estate we target.”
Also in April, Dallas-based Ashford Hospitality Prime wrapped up what would be a $172.3 million deal for the Ritz-Carlton Sarasota — a record price for a hospitality project in the Sarasota/Manatee submarket. As part of the purchase, Ashford — which changed its corporate name to Braemar Hotels & Resorts in May — took possession of the resort’s 266-room downtown hotel; a Lido Key private beach club; hotel spa; Lakewood Ranch golf course and clubhouse; vacant land; and other assets from SLAB LLC, a Wichita, Kan.-based partnership comprising brothers Robert and Dan Buford and their families.
Starwood Capital Corp. finalized its acquisition of the two-building Urban Centre office complex in Tampa’s Westshore business district in March. The Miami-based investment giant bought the 576,000-square-foot complex from Teachers Insurance & Annuity Association, which had owned it since 2005. The deal capped a flurry of activity among Class A office properties in the Tampa area, fueled by rising rental rates and a lack of new construction.
Houston-based Camden Property Trust has invested the most money thus far in 2018 for a multifamily rental project, buying an 18-story apartment tower in downtown St. Petersburg. The former AER Apartments, which were completed in 2017, contains 358 units. The project also features ground-floor retail space and an adjacent five-level parking garage. Camden officials say the property should generate a 5% yield after lease-up is achieved later this year, the result of in-migration of population and steady job growth in the Tampa Bay area. The company added the complex was purchased for what it believes was 5% to 10% below current replacement costs.
FLF Holdings LLC made a big splash into the Sarasota/Manatee apartment market when it bought the 900-unit Carlton Arms of Bradenton for a record amount for a multifamily rental asset in the submarket. The Jupiter-based firm, which owns more than 2,500 multifamily rental units and other commercial projects, says it was attracted to the property because of its park-like, waterfront setting, solid occupancy and the area’s mix of demographics. The property also is unique in that it sits on 100 acres and had been owned by the same entity —Mahaffey Apartment Co. — since its completion in 1980. MetLife affiliate Brighthouse Life Insurance Co. was brought in as a joint venture partner by Mahaffey several years ago, as well. In addition to traditional amenities like swimming pools and tennis courts, FLF is contemplating adding a kayak launch, pavilions and other improvements for tenants.
Gamma Real Estate of New York spent $96.5 million to buy the Cove Apartments in Tampa’s Westshore district in May, records show. The 689-unit complex, located on the water at 4003 S. Westshore Blvd., was completed in 1979. Gamma acquired the property from Laramar Properties, which had owned it since buying the community for $53 million in 2014, property records indicate. In addition to its Tampa acquisition, Gamma in Florida also owns apartment complexes in Orlando and Jacksonville, according to its website.
Greystar Real Estate Partners of Charleston, S.C., acquired the Avana Westchase in June for $82 million, continuing a string of purchases and development projects throughout the Gulf Coast. The 400-unit Avana complex, at 12201 Lexington Park Drive in Tampa, had been owned since mid-2015 by Pollack Shores Real Estate Group. Pollack Shores spent $64.5 million for the complex, records show. Avana Westchase, completed in 2001 and substantially renovated in 2017, becomes the 16th community Greystar — the largest apartment manager in the U.S. — owns or manages in the Tampa Bat region. In all, the company has more than $23 billion in assets under management, according to its website.
Passco Cos. LLC acquired the former Springs at Bee Ridge development in Sarasota County from Continental Properties because it was drawn to the area’s growing demographics, the complex’s higher-than-average household income and its relatively new age. The 360-unit complex, completed in 2017, becomes Passco’s ninth community in Florida, ranging from Bradenton to Key West. In all, the company owns 2,700 units in the Sunshine State. At Longitude 82, a series of two-story units, amenities include nine-foot ceilings, a salt-water swimming pool, poolside kitchen, clubhouse and a pair of dog parks.
Coastal Ridge Real Estate bought this Fort Myers apartment complex consisting of a dozen three-story buildings from Naples-based Stock Development Co. in February. The 324-unit community, which was completed on 32 acres in July 2017 and featured private poolside cabanas and six acres of walking trails, led a wave of new multifamily rental product in Southwest Florida and has since spurred other developers to bring their newly completed product to market.
Clearview Hotel Capital and Oaktree Capital Management L.P. teamed up in late May to buy the Renaissance Tampa International Plaza Hotel from Braemar Hotels & Resorts. Braemar, in executing a strategy to acquire only high-end and luxury lodging product, determined the 293-room hotel in Tampa’s Westshore district no longer fit into its portfolio. The Renaissance, completed in 2004, was attractive to Clearview and Oaktree, among others, because it boats one of the highest revenue per available room performances of any hotel in the Tampa Bay area. The deal marked Clearview’s first in the Tampa Bay area. In all, it owns more than $1.5 billion worth of hotel assets.