Sarasota hotel sells for $8 million

SARASOTA — The Baymont by Wyndham Hotel in Sarasota has been sold.

The property was bought by The Tamiami Trail Trust, which paid $8 million for the 99-room hotel on 1425 S. Tamiami Trail.

The hotel, on 2.2 acres, is located less than six miles from the Sarasota-Bradenton International Airport and is close to several tourist destinations including Marie Selby Botanical Gardens and The Ringling.

Jag Grewal, a partner at Ian Black Real Estate in Sarasota, says in a statement announcing the sale that the tourism industry is heating up in the city and that the purchase was a good opportunity.

“We may see hospitality supply in our area tighten soon, as the cost of new construction continues to escalate due to labor shortages and supply chain problems.”