DSH Hotel Advisors announced that the firm closed on the Baymont by Wyndham Midway/Tallahassee, FL on March 29, 2022 for an undisclosed price.
“We generated over 20 offers throughout the course of marketing the Baymont for sale. Buyers from all over the country were interested in the Baymont by Wyndham Midway/Tallahassee, which allowed us to create a competitive bidding environment between buyers and ultimately maximize the sale price for the seller. Due to operational inefficiencies and vacant land ready to be developed, the hotel has significant upside potential remaining for the new owner through capital improvements and enhancing property operations. Tallahassee is positioned for significant growth in the upcoming years which made this a unique acquisition opportunity for the first-time buyers (Lakulesh, Inc.) – we think that they are going to be very successful with this property,” says Amin.
“We’re experiencing a major demand for economy and midscale hotels in Florida at present time. We observed that this segment weathered the storm the best during the peak of Covid (along with extended stay hotels), and I believe it created a new appeal for the property type – particularly throughout certain regions of Florida. We expect to see this trend continue for the foreseeable future – especially with people moving to Florida from all over the country in record numbers. To add to this – with rising inflation, hotels are the ideal product type due to the ability to adjust ADR quickly and add to top-line revenue,” says Hopper.
