Three Marriott hotels sell for $33.7M

BUYER: Suncoast Parkway Hotel Holdings LLC (MIG Real Estate LLC), Newport Beach, Calif.
SELLER: Northpointe Hoteliers LLC
PROPERTY: 2101 Northpointe Parkway, Lutz
PRICE: $13.5 million
PREVIOUS PRICE: $1 million, November 2006

BUYER: Tampa Road Hotel Holdings II LLC (MIG Real Estate LLC), Newport Beach, Calif.
SELLER: Menna Oldsmar Partnership LLP
PROPERTY: 4012 Tampa Road, Oldsmar
PRICE: $9.2 million

BUYER: Tampa Road Hotel Holdings I LLC (MIG Real Estate LLC), Newport Beach, Calif.
SELLER: Menna Oldsmar Partnership LLP
PROPERTY: 4014 Tampa Road, Oldsmar
PRICE: $11 million

ATTORNEY ON DEED: Aminie Mohip Esquire, Clearwater

PLANS, DESCRIPTION: MIG Real Estate LLC purchased three hotels in the Tampa Bay area from Menna Development & Management Inc. of Clearwater for a total of $33.7 million.

The price equated to $121,661 per room.

The California-based real estate investment company purchased the 99-room Courtyard by Marriott Tampa/Oldsmar for $11 million, 78-room Residence Inn by Marriott Tampa Oldsmar for $9.2 million and the 100-room Residence Inn Tampa Suncoast Parkway at NorthPointe Village for $13.5 million.

Built in 2003, the Courtyard in Oldsmar features a swimming pool, fitness center and 2,000 square feet of meeting space. The Residence Inn in Oldsmar was built in 2005 and houses two meeting rooms and a fitness center. The 4-year-old Residence Inn in Lutz features a heated swimming pool, exercise room and a sports area.

These acquisitions are MIG Real Estate's first in Florida and increases its overall hotel portfolio to eight properties. Concord Hospitality Enterprises will operate all three properties.

The new ownership has announced plans to renovate the lobbies, guestrooms and other public areas of the two Oldsmar properties.

CBRE Hotels' Robert Taylor in Miami and Ron Danko in New York City handled the transaction on behalf of the seller.

“There are more buyers than sellers right now in the hotels market,” Taylor says. “Capital is more widely available for buyers, and sellers are making strategic decisions to bring their assets to market in this profitable environment. Hotels are projected to continue to perform well in the next few years.”

Since mid-2009 MIG Real Estate has added nearly 5 million square feet of commercial real estate totaling more than $650 million in assets under management.