Family-owned-and-operated hospitality firm, McKibbon, has entered the hotel acquisition space, closing on the purchase of the Hampton Inn & Suites Clearwater (Fla.) St. Petersburg-Ulmerton Rd.
The 128-key property was purchased as the initial portfolio investment for McKibbon Income Fund I, LP, an income-focused hotel investment fund developed to acquire existing select-service and extended-stay assets in key markets throughout the southeastern United States. The purchase represents the first in the pipeline of acquisitions for the expanding Tampa-based company.
In addition to its hotel management and construction verticals (McKibbon Hospitality and McKibbon Places, respectively), a new arm of the enterprise, McKibbon Equities, launched in 2022. Led by President and fourth-generation hotel executive, J.B. McKibbon, IV, McKibbon Equities is responsible for the firm’s investment activity, the McKibbon Family Investment Fund, and McKibbon Income Fund I, LP. Senior VP of acquisitions, Matthew Ram, is leading the charge on hotel acquisition efforts.
“This deal marks the first acquisition of an existing hotel in McKibbon’s extensive history, and one we’re particularly excited for given the fact that it’s in our backyard and we already have a strong presence in the region,” Ram said in a statement. “The St. Petersburg/Clearwater market has proven to be especially resilient over the past few years and we expect that strong performance to continue with the region’s positive net migration and outstanding demand generators.”
Hampton Inn & Suites Clearwater/St. Petersburg-Ulmerton Road was originally constructed in 2007 and underwent renovations in 2020 and 2021 to refresh guestrooms and public spaces. The property is located near a range of leisure and corporate demand generators, including St. Pete-Clearwater International Airport and Carillon Office Park. As part of its investment in the hotel, McKibbon is planning renovations to the property including a comprehensive refresh of the exterior.