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DHS Facilitates Sale of 118-Room Hotel Near Clearwater Beach
DSH Hotel Advisors has completed the sale of the Magnuson Hotel Clearwater on behalf of seller Horwood Hotel Works, LP. The property had a list price of $6.3 million at the time of sale and was purchased by Rore Investment Group, LLC.
Seller representatives Dennis Hopper, CCIM, managing principal, and Randy Taylor, senior investment associate, at DSH Hotel Advisors conducted the transaction.
Approximately 30 offers were received for the 118-room, limited-service hotel located about seven miles from Clearwater Beach. “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,” said Hopper. “With the unique zoning of the property, along with the ability to build vertical up to 150 feet, there were numerous developers reviewing the opportunity as well. This deal really highlighted the amount of demand for hotels in the Tampa Bay Metropolitan Statistical Area.”
- ◦Sale/Acquisition
