OCALA, FL—A Hampton Inn & Suites in Ocala, FL has traded hands. A limited liability company from Michigan paid $5.8 million, or $53,211 a key, for the 109-room Florida commercial real estate.
Ahmed Kabani, senior associate and an associate director with Marcus & Millichap‘s National Hospitality Group, and associate Jonathan Gerszberg, both from the firm’s Miami office, had the exclusive listing to market the property on behalf of the seller, a Miami bank.
“The asset generated immediate investment interest because of its newer construction in 2008), excellent visibility from Interstate 75 and close proximity to golf courses and state parks,” Kabani says. “The buyer had to compete against 10 other offers, and ultimately closed with a hard day one offer.”
David M. Greenberg, vice president Investments and senior director of M&M’s National Hospitality Group from the firm’s Ft. Lauderdale office, secured the buyer. He expects 2013 to be a record year for hotel transactions.
“This acquisition is an excellent, strategic and significantly below replacement cost deal with plenty of upside,” Greenberg says. “This is the first time this buyer has owned a hotel in Florida. Based on Florida’s positive hotel operating trends and diverse mix of corporate and leisure business generators, Florida is back on out-of-area investors’ radar screens.”
The Ocala Hampton Inn & Suites is located directly off Interstate 75 on Highway 484 near Ocala’s Florida Horse Park. Large trailer parking is available for guests. There are also several championship golf courses within 10 minutes of the property.