SAN DIEGO, CA—Officials of Avistone today announced the completed acquisitions of the 105-room Hampton Inn & Suites Legacy Park—Frisco in Texas, and the 95-room Hotel Indigo Sarasota in Florida, both in the last quarter of 2021. Avistone is a rapidly growing commercial real estate investment firm with a successful track record in the acquisition and operation of multi-tenant, industrial properties and hotels nationwide.
“With significant capital on the sidelines and certain owners realizing the industry has a year or two to go to reach pre-pandemic booking levels, it appears the acquisition dam is starting to crack,” said Dan Culler, CEO, Avistone. “These are two spectacular properties acquired at significantly below replacement costs in highly sought-after drive-to marketplaces, which have performed better than virtually all other locations. We will continue to seek attractively priced opportunities in strong markets with high barriers to entry and multiple demand generators, which can better withstand occasional economic setbacks.”
Hampton Inn & Suites Legacy Park—Frisco
Nestled at the intersection of North Dallas Toll Road and Sam Rayburn Highway in the city of Frisco, the six-story hotel provides access to the entire DFW MSA and is within 25 minutes of Dallas/Fort Worth International Airport and Dallas Love Field Airport. Hotel amenities include free breakfast, an outdoor pool, business center, complimentary Wi-Fi, fitness center, digital keys and pet friendly rooms. Guest rooms provide a 32-inch HD TV, microwave, mini- refrigerator, coffee maker and a sofa bed.
“While the hotel completed a $3.5 million improvement project in 2018 and 2019, we plan to invest an additional $4.3 million to add 24 new rooms and make minor enhancements to the hotel’s common areas to help the property realize its full potential in the post-COVID period,” said Charlie Muller, managing director, Avistone. “We further believe a successful execution of the expansion with a “best in class” brand will improve the hotel’s operating margins and create the potential for value appreciation over the anticipated investment holding period.” The hotel was brokered by Marcus & Millichap and is being managed by Aimbridge Hospitality.
Hotel Indigo Sarasota
Located conveniently in downtown Sarasota’s Rosemary District, the four-story hotel is directly across the street from the $1 billion mixed-use development, “Quay Sarasota,” and the $270 million “Bay Sarasota” redevelopment. The hotel provides rental bikes to cruise around town, hot and cold spa-inspired wading pools and complimentary Wi-Fi throughout the property. Guest rooms are equipped with plush bedding, hardwood floors and spa-inspired walk-in shower with Aveda bath products. Guests may choose to dine at H20 Bistro, a three-meal daily dining option providing fresh, locally sourced produce and proteins.
“We plan to invest an additional $4.2 million to renovate and reposition the hotel to Voco, IHG’s newest upscale brand targeted towards experiential travel,” Muller added. “The renovation will include a re-concepting of the hotel’s food and beverage and entertainment offerings, enhancing the outdoor pool area and the completion of selective enhancements to guest room as we introduce this new brand to the vibrant Sarasota marketplace.”
The hotel was brokered by Berkadia and is being managed by Aimbridge Hospitality.