US: Sandpiper Lodging Trust has announced the acquisition of two Residence Inn by Marriott in the Central Florida market.
One of the hotels, Sandpiper Gainesville, is located two miles southwest of the University of Florida in Gainesville. The Sandpiper Lakeland, is located 30 miles east of Tampa, near the Lakeland Linder International Airport.
Carter Rise, CEO of Sandpiper Lodging Trust said: “We are very excited about what these two Central Florida markets have to offer and believe that these two assets will serve as marquee additions to our portfolio. They are our first two Residence Inns. We are confident that with the management expertise of Sandpiper Hospitality and a substantial investment to renovate both properties they have a very bright future. We look forward to serving customers in these great markets and continuing the expansion of our presence throughout Florida.”
The acquisitions gives the extended stay specialist a broad coverage of the extended stay market in Florida with hotels in Tampa, Orlando, Gainesville, and Lakeland. And in February this year the company acquired a WoodSpring Suites extended stay hotel in Tampa, Florida.
Sandpiper continues to develop its portfolio through ground-up development and selective acquisition of performing and non-performing properties. The company, along with its affiliated funds, owns a total of 35 extended stay hotels under the WoodSpring Suites, Candlewood Suites, Suburban Extended Stay, and Residence Inn brands.
