After more than a year of financial hits to the tourism industry, real estate developer Ben Mallah has listed four of his hotel properties for sale.
Mallah said he made the decision to sell several of his hotels after more than a year of “bleeding” money to keep them open. To maintain the hotels, he had to spend about $200,000 a month per hotel — losing roughly $1 million per month.
“Things aren’t as pretty as everybody thinks right now,” Mallah said. “Things are slowly coming back but we still have no corporate, we still have no sports, we still have no cruise ship business, we still have no concerts.”
As a result, there’s more competition in the tourism industry, with a wider range of businesses competing for a smaller pool of travelers, Mallah said. And with the pandemic, the value of his properties has also decreased.
“We’re looking at probably taking a 20 to 25 percent hit in value,” he said.
Mallah’s properties are listed on the website of commercial real estate company, Berkadia.
Mallah is selling two hotels near Tampa International, including the Four Points by Sheraton Suites Tampa Airport Westshore and the Holiday Inn Tampa Westshore, as well as the Four Points by Sheraton Orlando International Drive and Sheraton Suites Fort Lauderdale at Cypress Creek.
The Four Points by Sheraton Suites in Tampa features an atrium with a 100-foot-high glass ceiling, waterfall and plants, as well as a restaurant, gym and indoor pool. It has 263 two-room suites. The Holiday Inn in Tampa has 282 rooms and 10,000 square feet of meeting space, with a restaurant, pool and gym.
Mallah’s Four Points by Sheraton in Orlando — known for the globe on its roof — is a partnership with Universal. Located on International Drive, it’s less than two miles from the theme park. Tickets for the park are available for purchase in the hotel’s lobby. Amenities also include an exotic car rental, more than 11,500 square feet of meeting space, two restaurants, a gym and a swimming pool with a children’s water park. The hotel features 303 rooms.
The Sheraton Suites in Fort Lauderdale has 258 two-room suites, 10,000 square feet of banquet and meeting space, as well as an atrium, a pool and gymnasium.
Across the country, Mallah has seen more hotels hit the market.
“It’s just a really sad situation,” he said. “It’s like starting from scratch again.”