multi-brand hospitality company that is building two new hotels here just paid $16.1 million for the Hyatt Place Sarasota.
A subsidiary of Lodgco Hospitality LLC bought the 114-room Hyatt Place outside Sarasota-Bradenton International Airport.
Lodgco, based in Mount Pleasant, Michigan, is a partner with developer Floridays Development Co. on two new hotels in Nokomis and Lakewood Ranch.
The three-story Hyatt Place Sarasota, built in 2008, was assessed for tax purposes at $5.3 million. It was sold by Bay Winds Lodging Sarasota LLC, a unit of White's Lodging in Naples.
"This particular sale provided a great opportunity for the buyer to acquire an attractive hotel with significant in-place cash flow," said Teague Hunter, president of Hunter Hotel Advisors of Atlanta, which represented the seller. "Institutional investors had a strong interest in this high-performing hotel."
The new owner plans "minimal renovations" to the property, he said.
Lodgco lists 17 open hotels in its portfolio, almost all of them in Michigan under such flags as SpringHill Suites, Hampton Inn, Holiday Inn and Courtyard.
Lodgco and Floridays are currently building a five-story, 122-room Hyatt Place Lakewood Ranch near Interstate 75 and University Parkway.
That $15 million project, expected to open early next year, is aimed to serve travelers attending events at nearby Nathan Benderson Park, the Sarasota Polo Club and corporate hubs.
The two companies also are building a four-story, 100-room Hilton Home2 Suites at Tamiami Trail and Albee Road near Casey Key.
That $12.6 million hotel may be open by year end.
In addition, Floridays is under construction with the $13 million Hotel Sarasota, a 163-room project on North Palm Avenue in downtown Sarasota.
Lodgco Hospitality, 5225 East Pickard Road
Mt. Pleasant, MI, 48858