SARASOTA, Florida—Alex Diaz, trustee of The Tamiami Trail Trust, has purchased the Baymont by Wyndham hotel in Sarasota for $8 million. The 99-room hotel sits on 2.2 acres. Jag Grewal, CCIM, SIOR, of Ian Black Real Estate facilitated the transaction. The seller was Daus Investments, LLC.
“This property presented a good opportunity for the buyer because it allowed them to purchase an existing hotel property in a hot hospitality market,” said Grewal, partner at Ian Black Real Estate. “We may see hospitality supply in our area tighten soon, as the cost of new construction continues to escalate due to labor shortages and supply chain problems.”
The Baymont by Wyndham hotel is located less than six miles from Sarasota International Airport and is in close proximity to tourist destinations like Marie Selby Botanical Gardens, Desoto Speedway, The Ringling, and Siesta Key Beach.
“Hospitality in Sarasota is very hot right now,” Grewal said. “We’re seeing a significant influx of visitors from all over the country, and now, as borders begin to open, we will definitely see more international visitors coming to the area.”