TAMPA, Fla., Oct. 8, 2021 /PRNewswire/ -- DSH Hotel Advisors, a prominent national hotel brokerage and advisory firm headquartered in Tampa, Florida – specialized solely in hotels – announced that Dennis Hopper, CCIM, Managing Principal and Randy Taylor, Senior Investment Associate at the firm arranged the sale of the Magnuson Hotel Clearwater on September 27, 2021 for an undisclosed price. Mr. Hopper and Mr. Taylor represented the seller, Horwood Hotel Works, LP. The property had a list price of $6.3MM at the time of sale.
DSH Hotel Advisors was retained as the exclusive broker to market for sale the Magnuson Hotel Clearwater, a 118-room limited-service hotel located directly off US-19, approximately 7 miles from Clearwater Beach. The firm generated approximately 30 offers on the property – allowing the seller to choose from a multitude of buyers, while achieving a healthy sales price. The sale added to an already lengthy list of hotels that DSH Hotel Advisors has sold in Florida.
"There was a tremendous amount of activity on this property from a wide variety of buyers. Due to the attractive price per key at the list price, we saw a high level of interest from buyers that considered converting the hotel to multifamily or extended-stay. With the unique zoning of the property, and ability to build vertical up to 150ft, there were numerous developers reviewing the opportunity as well. Ultimately, the highest bidders were buyers that were planning to keep the property operating as a hotel, while renovating and changing the franchise affiliation. This deal really highlighted the amount of demand for hotels in the Tampa Bay MSA," says Hopper.
"We generated 30+ offers from buyers all over the US and internationally, despite marketing the property for sale during Covid. The high level of buyer activity surrounding Clearwater allowed us to maximize the sale price for the seller while also leaving upside for the new buyer through capital improvements. In addition, the Tampa Bay MSA is experiencing significant growth which made this a unique value-add acquisition opportunity for the buyers (Rore Investment Group LLC) – we believe they are going to unlock the property's true potential," says Taylor
DSH Hotel Advisors is a national hotel brokerage and advisory firm based out of Tampa, Florida. The firm exclusively represents investors seeking an acquisition or disposition of hotel assets throughout the United States, with a regional focus in the southeast. The company has deeply rooted relationships with key personnel throughout the hospitality industry, including independent and institutional investors, real estate and franchise attorneys, management companies, franchisors, contractors, and lenders, allowing them to deliver a full spectrum of service to their clients and ensure the best team is on the field for every assignment. In addition to the vast network of hotel buyers within DSH Hotel Advisors' network, the company also promotes collaboration with other brokerage firms in an effort to maximize the sales price on every exclusively listed assignment.