Rodeway Inn Near Ybor City - Casino 2904 Melbourne St 118 Room Hotel Tampa, FL 33605 $8,950,000 ($75,847/Room) 9.48% Cap Rate

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.


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:
Less than 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