The 67-room, interior-corridor Baymont by Wyndham in Lakeland sold for an undisclosed price on July 11th.
The Baymont by Wyndham in Lakeland is located between Tampa and Orlando
DSH Hotel Advisors represented the seller, Prestige Yenugonda Holdings, LLC, and the buyer, Lakeland Maruti Hotels, LLC. DSH Hotel Advisors announced that Dennis S. Hopper, CCIM, Managing Principal of the firm, Randy B. Taylor, Senior Vice President Investments, and Dylan N. Amin, Vice President Investments, arranged the sale.
DSH Hotel Advisors held the exclusive listing with the seller, generating 310+ signed Confidentiality Agreements from qualified buyers and created a multi-offer environment, receiving 27 offers from buyers throughout the country and internationally.
“Hotel owners and investors have realized that our team of professionals are delivering some of the best results in the marketplace, and when it is time to sell (or buy), they are connecting with us,” said Hopper. “This is the second hotel in Lakeland that we’ve sold in the last couple of weeks – the other hotel was the Sleep Inn & Suites – right down the street from the Baymont (0.1 miles away) – where we collected 24 offers. We’re continuing to experience significant demand for hotel assets in Florida, and we expect to have several properties coming up for sale to help service this demand.”
“We’ve sold five hotels in Florida over the last 30 days and are looking forward to many more,” said Taylor. “The location for this Baymont is strong with high visibility from I-4. Hotels along the Interstate 4 corridor continue to benefit from the growth surrounding Tampa and Orlando. We believe the buyer, Maruti Hotels, Inc., will be highly successful at this location and unlock the property’s true potential through renovations.”
“The I-4 corridor remains a hotspot for our buyers,” said Amin. “We have been receiving an overwhelming amount of interest in properties like this, and despite market conditions, plenty of buyers are out there, eager to deploy capital. The number of offers (27) and registered confidentiality agreements (310+) speaks for itself; DSH Hotel Advisors continues to capture the attention of buyers from across the country and drive strong market pricing during tough economic times.”
The hotel has been well-maintained and recent renovations include new paint, bedding, and furniture in the guest rooms as well as updates to the public areas.
DSH Hotel Advisors is a national hotel brokerage and advisory firm based out of Tampa, Florida.
