DSH Hotel Advisors Announces Sale of 118-Room Hotel in Clearwater, Florida
TAMPA, Florida, October 8, 2021 / PRNewswire / – DSH Hotel Advisors, a leading national hospitality brokerage and consulting firm headquartered in Tampa, Florida – specialized only in the hotel industry – announced that Dennis hopper, CCIM, Managing Director and Randy Taylor, Senior Investment Associate of the company arranged the sale of the Magnuson Hotel Clearwater on September 27, 2021 for an undisclosed price. Mr. Hopper and Mr. Taylor represented the vendor, Horwood Hotel Works, LP. The property had a list price of $ 6.3MM at time of sale.
DSH Hotel Advisors has been retained as the exclusive broker to market for sale the Magnuson Hotel Clearwater, a 118-room limited-service hotel located directly adjacent to US-19, approximately 7 miles from Clear water beach. The company generated around 30 bids on the property – allowing the seller to choose from a multitude of buyers, while still getting a healthy sale price. The sale added to an already long list of hotels that DSH Hotel Advisors has sold to Florida.
“There has been tremendous activity on this property from a wide variety of buyers. Due to the attractive list price per key, we have seen a high level of interest from buyers who have Considered converting the hotel to multi-family or extended stay With the property’s unique zoning and the ability to build vertically up to 150 feet, many developers have also considered whether to change the franchise affiliation. deal really highlighted the amount of demand for hotels in the Tampa Bay MSA, ”Hopper said.
“We have generated over 30 offers from buyers across the United States and internationally, despite the property being marketed for sale during Covid. The high level of buyer activity around Clearwater has allowed us to maximize the selling price for the seller while leaving an advantage for the new buyer In addition, the Tampa Bay MSA is experiencing significant growth, making it a unique value-added acquisition opportunity for buyers (Rore Investment Group LLC) – we believe they will unlock the real potential of the property, ”said Taylor
About DSH Hotel Advisors www.DSHHotelAdvisors.com:
DSH Hotel Advisors is a national hotel brokerage and consulting firm based in Tampa, Florida. The firm exclusively represents investors seeking an acquisition or disposal of hotel assets throughout United States, with a regional concentration in the south-east. The company has deep-rooted relationships with key personnel in the hospitality industry, including independent and institutional investors, real estate and franchise lawyers, management companies, franchisors, contractors and lenders, which enables them to provide a full range of services to their clients and to ensure the best team is on the ground for each assignment. In addition to the extensive network of hotel buyers within the DSH Hotel Advisors network, the company also encourages collaboration with other brokerage firms with the aim of maximizing the sale price of each exclusively listed assignment.
SOURCE DSH Hotel Advisors