TAMPA, FL, 2011) – The Plasencia Group’s Sun Hospitality division is pleased to announce the sale of the St. Pete/Clearwater Airport Inn (top left photo) (FL). The select-service hotel, which was a bank-owned property, sold to Sette McCarthy Hotel LLC in a transaction that closed July 15. Terms of the deal were not disclosed. Sun Hospitality Advisors, a subsidiary of TPG that handles select-service hotel transactions, was engaged by Osprey Assets II, Inc., an affiliate of Bay Cities Bank, as their exclusive advisor in the sale of the 120-room property.
“Like most transactions involving a distressed property, this was not an easy one. The Airport Inn is an independent, two-story exterior corridor hotel, in which one third of the rooms were out of inventory,” explained Robert O’Leary, vice president of Sun Hospitality’s southeast region. “The difficulty of the deal seemed to bring out the best of everyone involved in order to get this transaction closed.”
The hotel, located at 3655 Hospitality Lane, is located just off Interstate I-275 and in close proximity to the St. Petersburg-Clearwater International Airport and minutes from area beaches.
“Bay Cities was able to get a troubled asset off its books, and the buyer, who plans a full renovation on the property, was able to acquire an asset with strong upside potential in a strategic location,” said O’Leary.
This marks the second bank-owned hotel Sun Hospitality/TPG has sold in the Clearwater area in the past seven months.
Contact:
Karen Brand
Vice President, Marketing & Communications
4107 N. Himes Avenue, Tampa, FL 33607
203.202.4549 Cell
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