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28192977
28192985

2904 Melburne Blvd, Tampa, FL 33605

DH
FL FL BK3242834, GA GA BRKR 411200
DSH Hotel Advisors Inc
RT
FL FL 3305554
DSH Hotel Advisors Inc
TQ
SL3489576
DSH Hotel Advisors Inc
Listed by DSH Hotel Advisors Inc
$8,950,000
212 days on market
Updated 79 days ago
Opportunity zone

Rodeway Inn by Choice Hotels Near Ybor City- Casino

Details
Property Type Hospitality
Sub Type Hotel, Motel
Keys 134
Cap Rate 9.48%
NOI $848,403
Year Built 1984
Year Renovated 2024
Buildings 1
Stories 3
Acreage 2.160

Renovated | 9.48% CAP | 134 Keys

Marketing description

OFFERING OVERVIEW:

DSH Hotel Advisors has been retained as the exclusive broker to market for sale the Rodeway Inn Near Ybor City - Casino. Located in Tampa, Florida - one of STR’s Top 25 U.S. hotel markets consistently ranked among the nation’s strongest for occupancy, ADR, and RevPAR performance. The 134-room hotel (118 rentable, 16 staff) is strategically positioned off Interstate 4 offering strong visibility while providing direct access to Ybor City (2.6 miles), Seminole Hard Rock Hotel & Casino (2.9 miles), Downtown Tampa (4.5 miles), and numerous other high-traffic demand generators throughout the Tampa Bay MSA and east toward Orlando. Built in 1984, the three-story, exterior-corridor property recently underwent renovations, and caters to a diverse mix of leisure and business travelers, snowbirds, convention guests, and sports groups. The offering presents investors a rare opportunity to acquire a nationally branded, cash-flowing hotel positioned within one of the most sought after hospitality markets in the United States.

OPPORTUNITY ZONE:

The subject property lies within a U.S. Department of Housing and Urban Development–certified Opportunity Zone, offering investors potential tax advantages through Qualified Opportunity Fund (QOF) investments. Tax benefits vary based on the length of time the investment is held. Learn more at irs.gov/opportunity-zones.

Information on Opportunity Zones is for general reference only and not intended as legal, tax, or investment advice. Investors should consult their own advisors regarding individual eligibility and benefits.

PROPERTY OVERVIEW:

Based on discussions with ownership, the property recently underwent approximately $200,000+/- in renovations, updating 70 of the guest rooms and enhancing the property’s overall condition and reducing near-term capital needs for new ownership. Recent renovations include:

  • New Furniture

  • New Paint, Bathtub Paint/Coated

  • Furniture has been purchased for the remaining guest rooms

  • New Faucets

  • New Curtains

  • New Toilets

The subject property remains in good condition, supported by recent renovations and an ongoing capital improvement plan. A change-of-ownership Property Improvement Plan (PIP) is estimated to cost approximately $100,000+/-, though this figure is only a preliminary estimate. *The actual PIP requirements must be verified directly with Choice Hotels, as they are determined solely at the franchisor’s discretion and may vary in both scope and cost. This includes, without limitation, any franchisor requirements related to a change of ownership. The Recipient is solely responsible for independently verifying all such matters.

MARKET OVERVIEW:

Tampa Bay continues to experience strong growth in population, employment, and visitor demand, further supporting the market’s long-term outlook. With demand driven by leisure, conventions, sports, and major events, the region benefits from a diverse hotel demand base and is widely regarded as one of Florida’s top-performing hospitality markets.

Investment highlights

Property Highlights:

  • Rodeway Inn by Choice Hotels Near Ybor City

  • 134 Total Rooms (118 available for rent)

  • Located in Opportunity Zone

  • Located in the Tampa Bay MSA

  • Amenities Include: Outdoor Heated Pool, Meeting Room, Elevator, Business Center, Guest Laundry, Ample Parking, Premium Free WiFi, Pet Friendly

Location Highlights:

  • >1 Mile from Interstate 4

  • 2.7 Miles to Ybor City

  • 2.9 Miles to the Seminole Hard Rock Casino

  • 3.7 Miles to the Florida State Fairground

  • 3.9 Miles to the Mid Florida Credit Union Amphitheater

  • 4.5 Miles to the Port of Tampa

  • 4.9 Miles from the Florida Aquarium

  • 5 Miles from the Tampa Riverwalk

  • 5.4 Miles from Tampa Convention Center

  • 5.5 Miles from Busch Gardens and Adventure Island Water Park

  • 8.2 Miles from Raymond James Stadium

  • 12.4 Miles from Tampa International Airport

Financial Highlights:

  • Offered at $8,950,000

  • YE 2022 Room Revenue / RRM: $2,530,142 Room Revenue / $3.54x RRM

  • YE 2024 NOI / Cap Rate: $848,403 NOI / 9.48% Cap Rate

  • YE 2024 ADR / RevPAR / OCC: $85.00 ADR / $62.05 RevPAR / 73.00% OCC

Listing Contacts

DH
FL FL BK3242834, GA GA BRKR 411200
DSH Hotel Advisors Inc
RT
FL FL 3305554
DSH Hotel Advisors Inc
TQ
SL3489576
DSH Hotel Advisors Inc
Listed by DSH Hotel Advisors Inc

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$
%
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$848,403.00
$70,700.25/mo

Valuation Metrics

0
DSCR
9.48%
Cap Rate
9.48%
ROI

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Additional Information

Name
Dennis Hopper, CCIM
License
FL BK3242834
Brokerage Phone
813.605.1756
Brokerage Address
400 North Tampa Street
Name
Randy Taylor
License
FL 3305554
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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