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Tuesday, 15 May 2018

Noble Investment Buys Tampa Hotel for $24Mln

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Noble Investment Group has paid $24 million, or $220,183/room, for the 109-room Residence Inn Tampa Downtown hotel in Tampa, Fla.

The property sits around the corner from another Noble hotel, the Courtyard by Marriott Tampa Downtown. Noble, an Atlanta investment manager, now owns 39 hotels, mostly in the Southeastern United States.

Ashford Hospitality Trust sold the extended-stay property, at 101 East Tyler St., which recently underwent a renovation. The sales price resulted in a capitalization rate of 7.6 percent, according to the Dallas hotel REIT.

The property includes a 24-hour business center and fitness center, laundry facilities, swimming pool, whirlpool, picnic area and sports court. It was 76 percent occupied on average for the 12-month period ending in March, with an average daily rate of $161 and a revenue per available room of $122.

Comments? E-mail Jenny Robinson or call her at (267) 247-0114.


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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Tampa
  • States: Florida
  • Sector: Hotel & Resort
  • Subject: Property Acquisitions (ACQ)
  • Company: Ashford Hospitality Trust Inc.
  • Valuation: Between $10 million and $25 million
  • Private: No
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Dan Moynihan

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