Residence Inn by Marriott St. Pete Clearwater sold for $10.5 million
By Breanne Williams
Tampa Bay Business Journal
Published: May 3, 2022

The Residence Inn by Marriott St. Pete Clearwater has a new owner.

An entity linked to Eagle Property Capital closed on the hotel on April 29 for $10.5 million, according to Pinellas County property records. The hotel at 5050 Ulmerton Road has 88 rooms, and the sales price breaks down to approximately $119,318 per key.

The seller was Utah-based PEG Cos.

The hotel is located one mile from St. Pete-Clearwater International Airport and is a 10-minute drive from the beach. The property has a fitness center, a pool and a snack bar/deli.

The hotel market in Pinellas County has been highly active as tourism is setting post-pandemic records in Tampa Bay.

In March, the Fairfield Inn & Suites by Marriott St. Petersburg Clearwater, less than two miles from the Residence Inn by Marriott St. Pete Clearwater, was sold off-market to a Canadian investment firm in an $8.7 million deal. The Postcard Inn on the Beach at St. Pete Beach sold for $83 million in March in a joint venture partnership between LCP Group and Safanad.

Eagle Property Capital could not be immediately reached for comment Tuesday.