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13305 Tampa Oaks Boulevard

Updated Dec 4, 2024

IRAS Group Acquires Hilton Garden Inn Tampa North For $14.3M From Blackstone
SOLDHotel

IRAS Group Acquires Hilton Garden Inn Tampa North For $14.3M From Blackstone

13305 Tampa Oaks Boulevard

$14,300,000

Building Size

—

Asset Type

Hotel

Closing

Dec 5, 2023

About this deal

AI

The Miami-based IRAS Group, represented by Benito Irastorza, has acquired the Hilton Garden Inn Tampa North, a 144-key hotel located at 13305 Tampa Oaks Boulevard in Temple Terrace, for a total price of $14,300,000. The sale was facilitated by Blackstone, with Stephen A. Schwarzman as their representative. Amerant Bank provided a loan of $14.25 million to assist in the purchase.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $14,300,000
  • Date: 12/05/2023
  • Address: 13305 Tampa Oaks Boulevard - Hilton Garden Inn Tampa North
  • Market: Temple Terrace
  • Buyer: IRAS Group - Benito Irastorza
  • Seller: Blackstone - Stephen A. Schwarzman
  • Lender: Amerant Bank
  • Keys: 144
  • Price Per Key (PPK): $99,306

This acquisition marks a significant addition to IRAS Group's portfolio, as they expand their presence in the hotel industry. The Hilton Garden Inn Tampa North, strategically located near Busch Gardens, offers a prime location for visitors looking to explore the attractions of Temple Terrace.

Overall, this transaction demonstrates the continued activity in the hotel market, with IRAS Group seizing the opportunity to acquire a prominent hotel asset in Temple Terrace.

On the Map

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$14,300,000

Hotel

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Players

Benito Irastorza

IRAS Group

Buyer

$35.6M

vol

4 deals

Buyer
Amerant Bank
Amerant BankLender
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Temple Terrace Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.11%

Cash-on-Cash

-0.32%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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