Nelson Knight Of Apple Hospitality REIT Acquires Homewood Suites Tampa-Brandon For $18.8M
10240 Palm River Road
$18,800,000
Building Size
—
Asset Type
Hotel
Closing
Jun 11, 2025
About this deal
AI
The asset involved in the transaction is a 126-room hotel, specifically the Homewood Suites by Hilton located at 10240 Palm River Road in Tampa, Florida. The property sold for $18,800,000, which translates to approximately $149,206 per key. The acquisition reflects a 12% cap rate on the trailing 12-month performance and occurred as an off-market deal, strategically located adjacent to Apple Hospitality REIT's Embassy Suites in the same submarket.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $18,800,000
- Keys: 126
- Price per Key: $149,206
- Market: Tampa
- Buyer: Nelson Knight - Apple Hospitality REIT
Nelson Knight represented Apple Hospitality REIT in this acquisition, which contributes to their extensive portfolio of 221 hotels. The transaction was completed below replacement cost.
On the Map
$18,800,000
Hotel
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Tampa Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.84%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93