HEI Hotels & Resorts buys Residence Inn Clearwater Downtown

Hospitality LLC), Norwalk, Conn.

SELLER: Clearwater Hospitality Properties LLC

PROPERTY: 940 Court St., Clearwater

PRICE: $10 million

PREVIOUS PRICE: $1.7 million, July 2006

LAW FIRM ON DEED: Holland & Knight LLP, Jacksonville

PLANS, DESCRIPTION: Norwalk, Conn.-based HEI Hotels & Resorts purchased the 115-suite Residence Inn By Marriott Clearwater Downtown for $10 million.

The price equated to $86,957 per suite.

The hotel is the 12th acquisition by HEI's Fund III and the 14th Marriott branded hotel in HEI's 42-property portfolio.

Built in 2008, the seven-story hotel features only suite units with full kitchens and specializes in extended stay business. The property also includes an outdoor swimming pool, barbecue area, fitness facilities and a 400-square-foot meeting room.

“We are confident in future demand growth for the greater Tampa market as it continues to rebound and are excited about acquiring this high-quality asset,” Steve Mendell, president of acquisitions and development for HEI, says in a press release. “With strong brand loyalty and their commitment to quality, we are excited to further expand our relationship with Marriott with the addition of our first Residence Inn.”

The transaction was brokered by HFF's Tampa office.

The seller, an affiliate of Southeast Hospitality Properties LLC, purchased the property in mid-2006 for $1.7 million.