Berkadia arranged the sale of the Chase Suite Hotel, a 160-key extended-stay hotel on a 4.58-acre site in Tampa, for an undisclosed amount.
The company marketed the 1986-vintage, all-suite hotel property as a potential redevelopment opportunity. Senior Managing Director Matt Mitchell, Director Chris Burtner and Associate Director Kyle Sahlsten of Berkadia Central & North Florida led the transaction on behalf of the seller, an affiliate of Hardage Hospitality.
“Chase Suite Hotel represented a rare waterfront redevelopment opportunity, with zoning that gives the new owner the option to execute on a variety of different strategies including new condo, hotel or mixed-use development, conversion to multifamily or continued operation as a hotel,” said Mitchell. “Located just west of the Westshore Business District, the island of Rocky Point is a premier destination where developers have recently constructed new Class A multifamily communities and hotels.”
The property offers prime access to Tampa Bay and is minutes from Tampa International Airport. It consists of 12 two-story residential buildings and a clubhouse on a waterfront location offering desirable views of Tampa Bay to the south and west. The hotel features 120 studio suites and 40 two-bedroom suites, each with fully equipped kitchens, ranging in size from 515 to 760 sq. ft.
