Hodges Ward Elliott (“HWE”) is pleased to exclusively offer for sale the fee-simple interest in the 109-room Residence Inn Tampa Downtown (the “Hotel” or “Property”). Ideally located in the heart of Tampa’s dynamic cultural and business district, the high-performing Property is exceptionally positioned to capture both leisure and corporate demand. Guests enjoy immediate access to the city’s most notable attractions, including the Straz Center for the Performing Arts, Curtis Hixon Waterfront Park, and the scenic Tampa Riverwalk—linking the Hotel to the Tampa Museum of Art, Glazer Children’s Museum, and the popular Armature Works food hall. The Property also benefits from close proximity to the University of Tampa, Amalie Arena, Sparkman Wharf, and the Tampa Convention Center—major drivers of consistent year-round visitation. Tampa’s rapid emergence as a leading business, tourism, and relocation destination continues to strengthen market fundamentals, particularly for extended-stay accommodations. As part of the Marriott International portfolio, the Residence Inn brand brings exceptional name recognition, a strong loyalty base, and operational efficiencies. Its extended-stay product supports longer lengths of stay and lower turnover costs, resulting in higher operating margins, while its location in the heart of downtown Tampa supports a staggering average daily rate of $255 (March YTD).
| Address | Tampa, FL 33602 |
| Rooms | 109 (All-Suites) |
| Floors | 7 |
| Year Built | 2000 / 2018 |
| Class | Upscale |
| GBA | 78,733 SF |
| Land Acres | 0.47 AC |
| Zoning | CBD-1, Tampa |
| Meeting Space | 231 SF Boardroom |
| Amenities |
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| Parking | Self-Parking; $25 Daily |
| Interest | Fee Simple |
| Brand | Residence Inn by Marriott |
| Management | McKibbon (Unencumbered) |
| Labor | Non-Union |
Investment Highlights
Prime Location In One Of The Nation’s Most Vibrant And High-Demand Hotel Markets
Ideally situated in the heart of Downtown Tampa—one of the fastest-growing urban cores in the U.S.—the Residence Inn benefits from its proximity to a wave of residential, commercial, and mixed-use development. The Hotel’s central location offers guests walkable access to many of the city’s premier attractions, including the Straz Center for the Performing Arts which broke ground in April 2025 on a $100 million expansion and the Tampa Convention Center which completed a $44.5 million modernization project in 2023. Amalie Arena, the Tampa Theatre, Port Tampa Bay, the Florida Aquarium and 13.1 million square feet of office space in the Tampa CBD are also a scenic walk from the Residence Inn.
In addition, the Property is just a short drive from several major leisure and business demand generators, such as the 75,000-capacity Raymond James Stadium, home to the MLB’s New York Yankees Spring Training facility and current home of the Tampa Bay Rays, historic Ybor City, and Busch Gardens.
Consistently High Performing Hotel With Durable Cash Flows And Tangible Upside
As a result of its highly visible and conveniently accessible location in Downtown Tampa, the Residence Inn has enjoyed a long track record of strong performance. The Hotel has averaged a 78.5% occupancy from 2022 – 2024, while maintaining an average rate of $192. The extended-stay model and compact property allows for efficient operations as seen in the 40% NOI margins. This impressive and consistent net cash flow will support a double-digit in-place debt yield that is highly attractive to a wide swath of financing options for a new owner. The completion of the change of ownership PIP will support outsized rate growth and more competitively positioning the hotel in the submarket, providing additional upside.
Tampa Is One Of The Most Resilient And Fastest-Growing Lodging Markets In The Country
Kicking off 2025 with record-breaking tourism numbers, Tampa Bay has solidified its position as one of the nation’s most desirable and high-performing hospitality markets. The region has ranked in the top 5 for RevPAR growth 6 of the last 10 years, securing the #1 in 2015, 2020 and 2021. With a year-end 2024 RevPAR of $125, Tampa Bay has eclipsed the pre-COVID peak experienced in 2019 by over 33.8% and has seen a 6.1% RevPAR CAGR from 2009 - 2024. With $13 billion worth of large-scale projects completed since the pandemic or underway including Water Street, Midtown Tampa, The Heights, Gas Worx, Westshore City Center and at the Tampa Airport, Tampa is evolving into a true 18-hour city that rivals the likes of Austin or Nashville.
Game-Changing Infrastructure Projects Driving Long-Term Growth
Tampa International Airport (TPA), the busiest and largest airport on Florida’s Gulf Coast, saw a record 24.6 million passengers as of February 2025 TTM. With over 100 nonstop destinations, TPA recently announced new direct service to Bogota, Colombia; Vancouver, Canada; Austin, TX; Key West, FL; and Memphis, TN. The airport is currently undergoing a transformative $1.5 billion expansion including a new 600,000 SF, 16-gate Airside D terminal, slated to open in 2028. The expansion will increase the airport’s capacity from 25 million to 35 million annual passengers by 2037. TPA completed the first two phases of its redevelopment ahead of schedule in 2021, totaling $1.2 billion in upgrades.
Complimenting the airport’s growth, the Tampa region is investing over $2 billion into four major highway infastructure projects: the Downtown Tampa Interchange, Westshore Interchange, new Howard Frankland Bridge, and I-275 capacity improvements. These projects are designed to improve traffic flow, enhance regional accessibility, and support long-term economic growth throughout the Tampa Bay area.
Top-Tier Marriott Brand
The Property benefits from its affiliation with Marriott, the world’s most recognizable and top-performing hospitality brand. Residence Inn is Marriott’s leading brand in the extended-stay segment, renowned for its quality and guest loyalty. As one of the most valuable franchise brands in the U.S. extended-stay category, Residence Inn currently has over 850 properties nationwide, with an additional 49 properties totaling 5,773 rooms in the US pipeline, demonstrating a high level of growth. The ongoing expansion reflects strong owner confidence in the brand’s ability to deliver attractive long-term cash-on-cash returns and solid reversion value.
