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Braemar to Sell Renaissance Tampa International Plaza for $68M

The closing on the sale of the Renaissance Tampa International Hotel is expected in the second quarter and will complete a reverse 1031 exchange initiated to acquire the Ritz-Carlton Sarasota in April for approximately $171 million.

The deal with the undisclosed buyer for the 293-room Renaissance Tampa International hotel calculates out to approximately $232,000 per key. The deal with the undisclosed buyer for the 293-room Renaissance Tampa International hotel calculates out to approximately $232,000 per key.

TAMPA, FL—Braemar Hotels & Resorts Inc. reports it has reached a definitive agreement to sell its Renaissance Tampa International Hotel here for $68 million.

The deal with the undisclosed buyer for the 293-room hotel calculates out to approximately $232,000 per key. The sales price represents a trailing 12-month cap rate of 8.2% on net operating income as of March 31, 2018. Dallas-based Braemar, formerly operated as Ashford Hospitality Prime, says the sale is part of the company’s ongoing effort to dispose of non-core hotels. The firm announced that initiative back in 2017.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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