April 18, 2023
ATLANTA – Hunter Hotel Advisors announced the sale of the Fairfield Inn & Suites Tampa Fairgrounds Casino, Florida. IHRMC Hotels & Resorts purchased the 98-room hotel for an undisclosed price. HUNTER’s Tim Osborne and Trey Scott facilitated the sale on behalf of an institutional seller.
“Tampa continues to outperform as a market. RevPAR is exceeding 2019 levels driven by ADR increases. Tampa is a leading city in the State of Florida’s growth story which shows no signs of slowing down,” said Trey Scott, Senior Vice President of HUNTER.
The Fairfield Inn & Suites Tampa Fairgrounds is just six miles outside of Downtown Tampa in East Lake-Orient Park. The hotel is less than 5 minutes away from both the Florida State Fairgrounds, a 355-acre complex visited by over 1.5 million victors a year, and the Seminole Hard Rock Hotel and Casino Tampa, which sees an average of 20,000 people daily. Also nearby the property is Busch Gardens Tampa Bay Theme Park, MIDFLORIDA Credit Union Amphitheatre, Tournament Sportsplex of Tampa, Netpark Tampa Bay, and Port of Tampa Bay. Corporate demand generators drive guests to the hotel with Netpark Tampa Bay just three miles away, a 940,00 square foot office complex home to numerous corporate environments such as Cyracom International, Maximus, T-Mobile, Mission Global, Human Medical Plan Inc, and many more.
“The buyer will renovate the hotel to current Fairfield Inn brand standards to have a refreshed product for an improved guest experience,” said Tim Osborne, Senior Vice President of HUNTER.