DSH Hotel Advisors, a national hotel brokerage and advisory firm headquartered in Tampa, FL—specializing solely in hotel investment sales—revealed that Dennis S. Hopper, CCIM, managing principal of the firm, and Randy B. Taylor, VP, investments, arranged the sale of the 90-room Comfort Inn & Suites Fort Myers Airport for an undisclosed price on Dec. 22, 2022, and the 104-room Ramada by Wyndham Davenport Orlando South on Dec. 28, 2022. DSH Hotel Advisors represented the seller and buyer in both transactions—the transactions were separate and not related.
DSH Hotel Advisors held the exclusive listings for both properties. For the Comfort Inn & Suites Ft. Myers Airport, DSH used a confidential marketing approach, generating multiple offers from qualified buyers and creating a competitive bidding environment. The property was placed under contract within 60 days of the list date for an all-cash transaction with a Florida-based buyer. For the Ramada by Wyndham Davenport Orlando-South, DSH fully marketed the property, generating 200+ signed Confidentiality Agreements and 27 offers from qualified buyers throughout the country and internationally.
“We’re excited to deliver another great outcome for both buyer and seller in this transaction (Comfort Inn & Suites). The Comfort Inn & Suites Ft Myers Airport is representative of what a large portion of hotel investors are looking for—it has strong cash flow, great location and a solid franchise. The sale of the Ramada is also a great representation of our team’s ability to deliver multiple offers and produce an ideal outcome for all parties involved. While the market has seen signs of softening, we are still seeing a substantial demand for hotel assets in Florida and we anticipate that demand continuing throughout 2023,” said Hopper.
“The Comfort Inn & Suites offering was a great opportunity for our team to confidentially sell a strong performing mid-scale asset with immediate potential for performance upside. In a short period of time, we were able to maximize the sale price for the seller (Maruti Properties LLC) and provide a strong investment for the buyer (Shivam Sakhyam LLC), we anticipate the new ownership will be very successful at this location. Despite interest rates on the rise, buyers are still bullish on cash-flowing assets throughout Florida and we are looking forward to more transactions in 2023.
The strategic location of the Ramada Davenport on Interstate 4 allowed us to generate several offers from buyers all over the U.S. and internationally within a short period of time. The high level of buyer activity surrounding Orlando MSA allowed us to maximize the sale price for the seller while also leaving upside for the new buyer through capital improvements. Additionally, it’s always a pleasure to work with repeat clients,” said Taylor.
