SARASOTA, FL — January 11, 2021 — Berkadia Hotels & Hospitality announced today the sale and financing of Hotel Indigo Sarasota, a 95-room hotel located in Sarasota, Florida. Managing Directors Preston Reid and Michael Weinberg of Berkadia Hotels & Hospitality completed the sale on behalf of the seller, Peachtree Hotel Group. The deal closed December 15.
Additionally, Michael Weinberg and Senior Director Wyatt Krapf of Berkadia Hotels & Hospitality secured the acquisition financing on behalf of the borrower, Avistone. The lender, Access Point Financial, provided the three-year adjustable-rate loan. The new owner will be using the proceeds to renovate and convert the hotel into a voco TM, IHG’s new upscale lifestyle brand.
Berkadia Real Estate Advisors LLC completed the sale. Berkadia Commercial Mortgage LLC secured the acquisition financing.
“This was a great opportunity for Avistone to acquire a historically well-maintained, well-performing asset at below replacement cost in one of the fastest growing markets in the country,” said Reid. “This transaction was Avistone’s second acquisition in the hotel sector in the last few months, having launched its strategic investment fund focused on hotels after years of success in the industrial sector.”
Located at 1223 Boulevard of the Arts, the 95-room hotel consists of 64 king-bedrooms, 19-double queen rooms and 12 king suites. Hotel amenities include on-site dining area and meeting/conference facilities. The hotel is conveniently located in downtown Sarasota’s Rosemary District and is only three miles from the Sarasota Bradenton International Airport and just an hour away from the Tampa International Airport.
Berkadia Hotels & Hospitality combines best-in-industry innovation, knowledge and experience with the most comprehensive suite of products and services, backed by relentless customer service and support to empower clients to capitalize on the right opportunities at the greatest value. The group serves clients across the country, offering a full set of advisory, investment sales, underwriting and loan origination services and products including Life Company, Proprietary Bridge Lending and Capital Markets Advisory Services.