Returning to hotel investment after more than a decade, real estate development firm Brasswater has acquired the Hampton Inn & Suites Lakeland-South Polk Parkway in Lakeland, Fla.
The transaction—which was Montreal-based Brasswater's first hotel acquisition in Florida—was brokered by Hunter Advisors. Sophia Pittaluga, SVP, and Robert Taylor, EVP, represented the seller in the deal for the 117-room limited-service hotel.
The six-story hotel was built in 2008 and recently renovated. The property is part of Lakeside Village, an 88-acre retail and dining development with 72 stores and restaurants. The hotel includes a 936-square-foot meeting room, outdoor pool, fitness center, business center and complimentary daily breakfast. The property is located near Interstate 4 and Lakeland Linder International Airport, between Tampa and Orlando.
“This acquisition marks Brasswater's return to hotel investment, our first hotel deal in over a decade,” Simon Yeramian, managing director, USA, Brasswater. “This is the first deal of many in a broader hospitality strategy for Brasswater as we are actively pursuing rapid growth of the platform through the acquisition of additional limited-service hotels across Florida.”
“It was a privilege for our team to represent the seller in this transaction and to help support the buyer through their first hotel purchase in Florida,” Pittaluga added.