DSH Hotel Advisors has arranged the sale of the 67-room, interior-corridor Baymont by Wyndham Lakeland in Lakeland, FL, for an undisclosed price. The firm represented the seller, Prestige Yenugonda Holdings LLC, and the buyer, Lakeland Maruti Hotels LLC.
The DSH team involved in the sale were Dennis S. Hopper, managing principal; Randy B. Taylor, SVP, investments; and Dylan N. Amin, VP, investments,
The company held the exclusive listing with the seller, generating 310+ signed confidentiality agreements from qualified buyers and created a multi-offer environment, receiving 27 offers from buyers throughout the country and internationally.
“Hotel owners and investors have realized that our team of professionals are delivering some of the best results in the marketplace, and when it is time to sell (or buy), they are connecting with us,” said Hopper. “This is the second hotel in Lakeland that we’ve sold in the last couple of weeks. The other hotel was the Sleep Inn & Suites right down the street from the Baymont, where we collected 24 offers. We’re continuing to experience significant demand for hotel assets in Florida, and we expect to have several properties coming up for sale to help service this demand.”
Taylor said, “We’ve sold five hotels in Florida over the last 30 days and are looking forward to many more. The location for this Baymont is strong with high visibility from I-4. Hotels along the Interstate 4 corridor continue to benefit from the growth surrounding Tampa and Orlando. We believe the buyer, Maruti Hotels Inc., will be highly successful at this location and unlock the property’s true potential through renovations.”
Amin said, “The I-4 corridor remains a hotspot for our buyers. We have been receiving an overwhelming amount of interest in properties like this, and despite market conditions, plenty of buyers are out there, eager to deploy capital. The number of offers and registered confidentiality agreements speak for themselves. DSH Hotel Advisors continues to capture the attention of buyers from across the country and drive strong market pricing during tough economic times.”
