Impact Properties has sold the SpringHill Suites Tampa Brandon, a 103-key hotel in Tampa, Fla., to a joint venture between Florida-based Sonari Capital Partners and Ark Development. Terms were not disclosed. Berkadia Managing Director Michael Weinberg and Associate Director Kyle Sahlsten of Berkadia Orlando and Tampa led the transaction on behalf of the seller.
The buyer plans to complete a comprehensive renovation of the asset, positioning the hotel for future upside.
“The sale of the SpringHill Suites Tampa Brandon confirms there is still a strong market for cash-flowing assets with tangible value-add opportunities,” Weinberg said in a statement. “This is our second sale in the submarket in recent years with a third underway. Property fundamentals and investor demand remain strong in this submarket due to the diversity of demand generators and proximity to Tampa’s thriving Downtown.”
The hotel sits within a five-mile radius of I-4, I-75, U.S. Highway 301, Adamo Drive, and the Selmon Expressway. These five major thoroughfares see a combined 426,000+ average annual daily travelers. SpringHill Suites Tampa Brandon was built in 2008 and features 103 suites with guestroom kitchenettes, complimentary breakfast, a fitness center, and more. The Brandon lodging submarket hosts a diverse array of lodging demand anchored by transient corporate and leisure, healthcare and amateur sports demand.