Florida Best Western changes hands for $7.57M

Marcus & Millichap facilitated the sale of the 54-room Best Western in Tampa, Fla., for $7.57 million. Other terms of the transaction were not disclosed.

“The hotel sold within $25,000 of list price to a partnership based primarily in Maryland and California, who put a premium on investing in the Tampa MSA,” SVP of Investments Robert Hunter said in a statement. “Due to the market’s desirability and the hotel’s performance, we did not encounter any negative impact on value amid prevailing market conditions. It commanded a higher value than we would have expected in 2022.” 

Hunter and Leo Reilly, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a locally based LLC and secured the buyer, an out-of-state limited liability partnership.

The three-story hotel was built in 2000. It is located near a number of demand generators, including downtown Tampa, Raymond James Stadium, Tampa Convention Center and the Tampa International Airport. The hotel has a fitness and business center as well as a swimming pool.