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

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.