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Florida & Gulf Coast  + Central Florida  + Hospitality  |  February 15, 2023
Marcus & Millichap has facilitated the sale of Treasure Bay Resort & Marina, an 83-room hotel located in Treasure Island, FL, for $18.2 million.
Lisa McDuffie
By: Lisa McDuffie

Treasure Island Motel Trades for $18M in All-Cash Deal

Commercial real estate brokerage firm Marcus & Millichap has facilitated the sale of Treasure Bay Resort & Marina, an 83-room motel located in Treasure Island, FL, for $18.2 million. The property was sold for $219 per key, which according to Marcus & Millichap makes it one of the highest price-per-key bayside hotel sales in the Treasure Island market.

Ahmed Kabani and Kiam McLean of Marcus & Millichap both represented the seller and secured and represented the buyer, a private investor who engaged in a 1031 exchange and was closed with all-cash in 30 days.

The price as well as the terms that we were able to achieve with this sale speaks to the continued demand for hotel assets in the Tampa Bay market,” said Kabani.

Treasure Bay Resort & Marina is located on a marina and across the street from the beach. The property features a roof constructed with reinforced concrete for hurricane resistance.

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Inside The Story

Marcus & Millichap's Kabani

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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