Berkadia has negotiated the sale of the 103-key SpringHill Suites Tampa Brandon. Managing Director Michael Weinberg and Associate Director Kyle Sahlsten of Berkadia Orlando and Tampa led the transaction on behalf of the seller, Florida-based Impact Properties.
The property was sold to a joint venture between Florida-based Sonari Capital Partners and Ark Development. The buyer plans to complete a comprehensive renovation of the asset positioning the hotel for future upside.
“The sale of the SpringHill Suites Tampa Brandon confirms there is still a strong market for cash-flowing assets with tangible value-add opportunities,” said Weinberg. “This is our second sale in the submarket in recent years with a third underway. Property fundamentals and investor demand remain strong in this submarket due to the diversity of demand generators and proximity to Tampa’s thriving Downtown.”
The hotel sits within a five-mile radius of I-4, I-75, U.S. Highway 301, Adamo Drive and the Selmon Expressway. These five major thoroughfares see a combined 426,000-plus average annual daily travelers, according to Berkadia.
The property was built in 2008 and features 103 suites with kitchenettes, complimentary breakfast and a fitness center. The Brandon lodging submarket hosts a diverse array of lodging demand anchored by transient corporate and leisure, healthcare and amateur sports demand.
