Sarasota-Bradenton International Airport Hampton Inn to sell, more rooms to be built
MANATEE -- Atlanta hotel investment group Peachtree is buying a 6-year-old Hampton Inn at Sarasota-Bradenton International Airport.
Airport officials disclosed the still-unconsummated transaction this week as they presented the details of a new set of ground leases and future hotel and office space construction near SRQ's main south entrance.
Hotel owner and developer Finergy Development of Sarasota is selling the Hampton Inn as Finergy moves forward with plans to build at least one more hotel and office space on acreage adjacent to the existing hotel. The Sarasota Manatee Airport Authority owns the land under the Hampton Inn and under the planned future projects.
SRQ CEO Fredrick "Rick" Piccolo said the sale gives the authority an opportunity to increase lease rates on the yet-undeveloped property. It also brings in a new owner that is committed to upgrading the 108-room Hampton Inn.
The hotel industry around the airport is busy. One year ago, an 81-room Courtyard by Marriott hotel and a 78-room Marriott Residence Inn across the street from the Hampton Inn sold to American Realty Capital in a $22.9 million deal. In December, Excel Group of Arlington, Va., filed plans with Manatee County for a new 110-room Home2 Suites by Hilton hotel to be built at 8260 N. Tamiami Trail.
Piccolo said Peachtree has agreed to put about $750,000
in upgrades into the Hampton Inn. It will continue to pay the same ground lease price as Finergy, roughly $23,200 per year for the 2.4-acre property.
Finergy retains two adjacent parcels totaling about 5 acres. The lease rate on that land will increase to 59 cents per square foot within the next two years.
The airport authority's board of commissioners unanimously approved the lease hike.
The company, which owns several other hotels in Sarasota County according to its website, is contractually required to begin construction of an office building at 965 University Parkway within a year. That property is also slated to include hotel space.
Behind the Hampton Inn, at 995 Airport Circle, Finergy must begin vertical construction within five years. Airport officials said the company is considering a Tru Hotel by Hilton.
Neither Finergy nor Peachtree officials responded to requests to comment on the Hampton Inn deal.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027 or on Twitter @MattAtBradenton.
This story was originally published March 29, 2016 at 11:58 PM with the headline "Sarasota-Bradenton International Airport Hampton Inn to sell, more rooms to be built ."