Print this page
Tuesday, 15 May 2018

Noble Investment Buys Tampa Hotel for $24Mln

Written by 
Rate this item
(0 votes)

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.



weekly-call-to-action

“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

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
Read 1239 times
Dan Moynihan

Latest from Dan Moynihan