Midtown Tampa's dual-flag hotel sells in portfolio deal for at least $204K per key
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Apr 13, 2022

Two hotels located within mixed-use lifestyle centers in Tampa and Jacksonville have sold for a combined $79.1 million.

Aloft/Element Tampa Midtown and the Hyatt Place Jacksonville St. Johns Town Center sold to private equity firm KKR & Co. Inc. in a deal that closed April 5, according to property records in Hillsborough and Duval counties.

The seller was Concord Hospitality, the developer and manager of both hotels.

The two properties total 386 keys; the price per key breaks down to at least $204,000. While property records reveal the price of the hotel’s real estate, they typically do not include furniture, fixtures and equipment, and the total sales price is usually higher than what’s publicly available.

Lou Plasencia, Nick Plasencia and Chris Plasencia facilitated the transaction, The Plasencia Group said in a statement.

Midtown Tampa and the St. Johns Town Center are similar mixed-use properties, both home to national and local restaurants and retailers as well as apartments.

“The Aloft/Element Tampa Midtown has very quickly become one of Tampa’s most attractive lodging destinations, with its diverse assortment of guest rooms, flexible meeting space and a highly popular rooftop restaurant,” Nick Plasencia said in a statement. “We are excited to watch the property continue to thrive under the stewardship of new ownership as the balance of Midtown Tampa fully comes online.”

The Hyatt Place, Plasencia said, “is a gem within the greater Jacksonville market and holds pride of place within one of the highest-end live-work-play developments within the city.”