Berkadia has sold the Chase Suite Hotel, a 160-key extended-stay hotel on a 4.58-acre site in Tampa, Florida. Senior Managing Director Matt Mitchell, Director Chris Burtner and Associate Director Kyle Sahlsten of Berkadia Central & North Florida led the transaction on behalf of the seller, an affiliate of Hardage Hospitality. The property sold for an undisclosed price.
Berkadia marketed the 1986-vintage all-suite hotel property as a potential redevelopment opportunity.
“Chase Suite Hotel represented a rare waterfront redevelopment opportunity, with zoning that gives the new owner the option to execute on a variety of different strategies including new condo, hotel or mixed-use development, conversion to multifamily or continued operation as a hotel,” Mitchell said in a statement. “Located just west of the Westshore Business District, the island of Rocky Point is a premier destination where developers have recently constructed new Class A multifamily communities and hotels.”
The property provides access to Tampa Bay and is minutes from Tampa International Airport. Chase Suite Hotel, built in 1986, consists of 12 two-story residential buildings and a clubhouse on a waterfront location offering desirable views of Tampa Bay to the south and west. The hotel has 120 studio suites and 40 two-bedroom suites, each with fully equipped kitchens.
The property has access to major highways and public transportation and is approximately 20 minutes from Downtown Tampa, and 30 minutes from Downtown St. Petersburg and Clearwater.