Nikesh Shah Of Southern Hospitality Management Acquires Hotel From Al Patel For $19.65M

The property involved in the transaction is a 121-room TownePlace Suites by Marriott located at 5302 Avion Park Drive in Tampa, Florida. The extended-stay hotel, constructed in 2008, encompasses amenities such as suites equipped with kitchens and work areas, as well as a pool, fitness center, and laundry facilities. The transaction was completed for a total price of $19,650,000, which breaks down to $162,397 per room.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $19,650,000
• Buyer: Nikesh Shah - Southern Hospitality Management and Co
• Seller: Al Patel - Baywood Hotels
• Number of Keys: 121
• Price Per Key: $162,397

In this transaction, Nikesh Shah represented Southern Hospitality Management and Co., while Al Patel represented Baywood Hotels, facilitating the acquisition of the hotel property near Tampa International Airport.