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5421 West Waters Avenue

Updated Sep 4, 2026

SOLDHotel

Keshav Patel Acquires Hotel In Tampa From Dharmesh Patel For $10.5M

5421 West Waters Avenue

$10,500,000

$193/SF

Building Size

54,138 SF

Asset Type

Hotel

Closing

Sep 3, 2026

About this deal

AI

The asset involved in this transaction is a hotel located at 5421 West Waters Avenue in Tampa. The property was sold for $10,500,000 and includes 90 keys. The total square footage of the hotel is 54,138, resulting in a price per square foot of $193 and a price per key of $116,666.

Summary of transaction details:

  • Property Type: Hotel
  • Transaction Amount: $10,500,000
  • Buyer: Keshav Patel
  • Seller: Dharmesh Patel
  • Broker: Taj Patel - GPT Commercial
  • Keys: 90
  • Price per Key: $116,666
  • Square Footage: 54,138
  • Price per Square Foot: $193

Taj Patel from GPT Commercial represented both the buyer, Keshav Patel, and the seller, Dharmesh Patel, in this off-market transaction, which was noted to be finalized on September 3, 2026. The hotel is strategically situated near major landmarks including the Veterans Expressway and is within five miles of Raymond James Stadium. GPT Commercial specializes in off-market hospitality transactions across Florida and the Southeast.

On the Map

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$10,500,000

$193/SF

Hotel

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Players

Taj Patel

GPT Commercial

Broker

$31.3M

vol

5 deals

Broker
GPT Commercial
GPT CommercialBuyer
GPT Commercial
GPT CommercialSeller
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Tampa Hotel Market Snapshot

Boundary boundary · Hotel · Sale transactions

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Deal FAQ

About $193 per square foot on a published $10.5M for 54,138 square feet (2026).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.51%

Cash-on-Cash

-0.43%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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