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Tampa hotel acquired for $34M — over $8M less than previous price


  • By Louis Llovio
  • | 5:00 p.m. January 8, 2024
  • | 2 Free Articles Remaining!
The Residence Inn Tampa Westshore Airport Hotel has sold for nearly $34.4 million.
The Residence Inn Tampa Westshore Airport Hotel has sold for nearly $34.4 million.
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  • Tampa Bay-Lakeland
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A Houston private equity firm has bought the Residence Inn Tampa Westshore Airport Hotel for $8.17 million less than what the previous owner paid for the property in January 2019.

The buyer, Dauntless Capital Partners, bought the hotel at 4312 W. Boy Scout Blvd. for $34.48 million. That’s five years after Miami-based Starwood Capital paid $42.65 million for the 160-room hotel.

The sale, completed in late December, was announced Monday by the Tampa-based hotel brokerage firm The Plasencia Group, which represented Starwood. (Plasencia did not disclose the buyer nor the sale price, but a deed for the sale of the 160-room property appears in Hillsborough County property records.)

The six-story Residence Inn is in the city’s Westshore district roughly 2.5 miles away from Tampa International Airport. It was built in 2001 and, according to the news release announcing the sale, “benefits from its leading extended-stay brand position within Marriott International’s family of brands and attracts an ideal mix of corporate and leisure transient business.”

Starwood bought the property in 2019 as part of a three-property deal. At the time, it paid $79 million for the Residence Inn along with the TownPlace Suites Tampa Westshore/Airport and the Springhill Suites Fort Myers Airport.

The company paid $13.32 for the Springhill Suites property at 9501 Marketplace Road in Fort Myers and $23 million for the TownPlace Suites property at 5302 Avion Park Drive in Tampa.

According to Hillsborough and Lee County property records, Starwood still owns the two other hotels. Starwood did not respond to questions Monday about whether either was on the market.

Plasencia’s vice president of marketing Matt Sinclair says in an email to the Business Observer, “We have included everything we are at liberty to say about the transaction in our press release.

“We are not privy to details regarding the previous transaction, so we cannot speak to that aspect either.”

In addition to its Houston headquarters, Dauntless has offices in Los Angeles and Washington, D.C.

It discloses very on its website saying only on its solid white, 56-word landing page that it is “dedicated to investments in the hospitality space” buying and managing select-service and full-service hotels.

 

author

Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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