Prestige Yenugonda Holdings sold the Baymont by Wyndham in Lakeland, Fla., to the Lakeland Maruti Hotels for an undisclosed sum. Other terms of the transaction were not disclosed. DSH Hotel Advisors' Managing Principal Dennis Hopper, SVP-Investments Randy Taylor and VP-Investments Dylan Amin arranged the sale of the 67-room property. DSH Hotel Advisors represented the seller and the buyer.
DSH Hotel Advisors held the exclusive listing with the seller, reportedly generating 310+ signed confidentiality agreements from qualified buyers and created a multi-offer environment, receiving 27 offers from buyers throughout the country and internationally.
"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," Hopper said in a statement. "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."
The Baymont by Wyndham in Lakeland is located between Tampa and Orlando directly off of Interstate 4, a main east-west thoroughfare through central Florida, providing high visibility and accessibility and situating the site near multiple diverse demand generators in both Tampa and Orlando and surrounding areas. Recent renovations include new paint, bedding and furniture in the guestrooms as well as updates to the public areas.
DSH Hotel Advisors has sold five hotels in Florida in the last 30 days. "The location for this Baymont is strong with high visibility from I-4," Taylor said. "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."
According to Amin, buyers are eager to deploy capital for assets like this. "The number of offers (27) and registered confidentiality agreements (310+) speaks for itself," he said. "DSH Hotel Advisors continues to capture the attention of buyers from across the country and drive strong market pricing during tough economic times."