April 30, 2015, Tampa, FL – Waramaug LS Hotels, LLC, a private investment group, announced today the acquisition of the Holiday Inn Express & Suites-Tampa-USF-Busch Gardens in Tampa, Florida. The 123-key hotel is in a prime location off of I-275 and is in close proximity to many of Tampa’s main demand drivers, including Busch Gardens and the University of South Florida. The property, which opened in 2008, will undergo a complete remodeling of the lobby and great room under the new ownership. Situated on 2.39 acres, the hotel boasts 123 guestrooms, a host of amenities, and 725 square feet of meeting and event space.
“This particular property is located in an outstanding lodging market and we are pleased to add it to our portfolio. Tampa, in particular, has seen strong recovery in the last several years in the hospitality market and has forecasted RevPar growth by 7.1% in 2015 and 5.9% in 2016 according to PKF,” said Craig Nussbaum, Senior Vice President, Waramaug LS Hotels. “We believe the hotel is poised to penetrate the market and create long-term value and profitability for us while simultaneously growing its market share against its current competitive set.”
Adjacent to the property is Busch Gardens, a 335-acre African-themed animal theme park that attracts over 4 million people each year, ranking it among the top 30 most-visited theme parks worldwide. There is a prominent healthcare cluster less than three miles north of the Hotel that includes Moffitt Cancer Center, Shriners Hospitals for Children, and James A. Haley Veterans’ Hospital, among others. Moffitt Cancer Center is the #1 Cancer Center in the Southeast, according to US News & World Report, employs over 4,300 people, and generates over $1.8 billion in direct economic output. Less than two miles north of the Property is the University of South Florida. With an enrollment of nearly 48,000 students, USF is one of the largest universities in the United States.
