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TAMPA, FL—MIG Real Estate has grabbed three hotels in the Tampa Bay area, its first move into Florida. The Newport Beach, CA-based real estate investment company purchased the Courtyard and Residence Inn in Oldsmar and Residence Inn in Lutz.

“We are entering the Tampa market because we believe it has excellent mid- and long-term growth prospects and because it has a diverse demand base including business, conference, leisure, university and medical related demand,” Greg Merage, CEO of MIG Real Estate, tells GlobeSt.com. “We found these hotels appealing because of their accessible locations, ability to compete effectively within their submarkets, and surrounding businesses and attractions.”

Located at 4014 Tampa Road, the Courtyard in Oldsmar was built in 2003 and has 99 guestrooms. The property features 2,000 square feet of meeting space and is 15 miles from Downtown Tampa Bay. MIG will complete a comprehensive renovation to the lobby, guestrooms, and other public spaces over the next year.        
                                                                                                                   
The Residence Inn, located adjacently at 4012 Tampa Road, was built in 2005 and offers 78 guestrooms. The hotel is located 12 miles from Tampa Bay International Airport and 15 miles from Downtown Tampa Bay. MIG will update the lobby and public spaces over the next year.

Located at 2101 Northpointe Parkway, the Residence Inn in Lutz was built in 2008 and has100 guestrooms. The hotel is a “Generation 8” Residence Inn and the layout, design and construction significantly exceed all prior “generations” of Residence Inn hotels.  The property is in the northern part of the Tampa Bay metro area, about 15 miles from Tampa Bay International Airport.  

“Broadly speaking, Florida has a good long-term outlook in terms of lodging demand growth.   Its demographics and business friendly environment should be very beneficial to the lodging industry,” Merage says. “Like with many markets, we are concerned over the medium-term with the risk of additional lodging supply.   Florida also always has a concern around weather events that can impact the performance of lodging assets.”

Ron Danko, Robert Taylor, and Zoe Martineau of CBRE represented the seller in the transaction. MIG Real Estate represented itself.

“There are more buyers than sellers right now in the hotels market. Capital is more widely available for buyers and sellers are making strategic decisions to bring their assets to market in this profitable environment,” Taylor said in a statement. “Hotels are projected to continue to perform well in the next few years.”