Advertisement
  1. Business

Sheraton Suites Tampa Airport Westshore sells for $21.25 million

Real estate investor Ben Mallah has bought the Sheraton Suites Tampa Airport Westshore for $21.25 million. It soon will carry the Marriott flag. [LOREN ELLIOTT | Times] 
Published Apr. 15, 2016

TAMPA — Real estate investor Ben Mallah has purchased the Sheraton Suites Tampa Airport Westshore for $21.25 million in what he called a "no-brainer'' of a deal.

Not only is Mallah getting a 261-room hotel near where the state plans a regional transportation hub, the hotel will soon be under the more upscale Marriott banner.

Sheraton is part of the Starwood group, which is being acquired by Marriott International in a $14.4 billion deal that will create the world's largest hotel company.

Originally built as an Embassy Suites, the Sheraton at 4400 W Cypress St. has a Spanish-style facade, soaring atrium and landscaped garden with waterfall.

"My God, it's wonderful,'' Mallah said Thursday after closing on the purchase. "It needs to be spruced up, but it's a great hotel.'' He said he plans to invest at least $2 million in renovations over the next few years.

Within the past year, Mallah has sold several other hotels, including the Best Western Bay Harbor on the Courtney Campbell Causeway for $34.5 million. He said he took that money to buy the Sheraton in West Shore and a Sheraton in Orlando, utilizing a so-called 1031 exchange that allows an investor to sell a property, reinvest the proceeds in a new property and defer all capital gain taxes.

"So basically I traded these two major Sheratons for that one Best Western, and Starwood is being sold to Marriott, which is a step up,'' he said.

Also increasing the value of the Tampa hotel, he said, is its proximity to Charley's Steak House and the DoubleTree by Hilton Tampa Airport-Westshore hotel. In January, the Florida Department of Transportation bought that property for what it said would become "the central hub for public and private local and regional transit services.''

Both the restaurant and 489-room DoubleTree will remain open for the time being but eventually will be knocked down.

That will leave Mallah's new hotel "alone next door,'' he said cheerfully.

Contact Susan Taylor Martin at smartin@tampabay.com or (727) 893-8642. Follow @susanskate.

ALSO IN THIS SECTION

  1. Apollo Global Management has offered $130 per share for Tech Data's stock in an acquisition worth $5.4 billion. If regulators shareholders approve, the home-grown company will remain based in Pinellas County, where it employs 2,000 of its 14,000 workers. DIRK SHADD  |  Tampa Bay Times
    Private equity firms like Apollo create wealth for pension funds, financial institutions and individual investors by buying assets that typically are sold later at a profit.
  2. Some of Tampa Bay's largest companies are being sold or are up for sale. Times files and Bloomin' Brands
    Tech Data is just the latest in a growing list of public companies bought up by out-of-state firms.
  3. Hillsborough Community College solicited "non-binding letters of interest or intent” last month from developers interested in purchasing the Dr. Gwendolyn W. Stephenson District Administration Center on Davis Islands. OCTAVIO JONES  |  Times
    Developers have eyed the 3.7 acre waterfront parcel for years, but recent interest has prompted the college’s trustees to finally start the conversation.
  4. Tampa International Airport looking north. The Wall Street Journal ranked it the best midsize airport in America. [Times files]
    TPA took first place in the Wall Street Journal’s annual survey of U.S. airports.
  5. Tech Data's CEO Rich Hume (left) shares a moment with former CEO Bob Dutkowsky during a send off celebration for Dutkowsky earlier this year. JIM DAMASKE   |   Times
    A private equity firm has agreed to buy Tech Data.
  6. Joseph Erickson, 53, looks out the window at the gulf-[front condo he thought he won at a foreclosure auction last year.t JOHN PENDYGRAFT   |  Times
    "There have been serious allegations,'' Judge Keith Meyer said.
  7. Sam's Club fulfillment center manager Nick Barbieri explains to a shopper how the new Scan & Go shop works at 5135 S Dale Mabry Highway. SARA DINATALE  |  Tampa Bay Times
    Shoppers in Tampa Bay can now skip the line and cash out alcohol on their own phones.
  8. Which cars hold their value best in Tampa Bay? Pictured is traffic in Tampa Bay in 2017. [Times file photo] ELLIOTT, LOREN  |  Elliott, Loren
    For the top spots, think big and rugged.
  9. A rendering of the planned Pinstripes bowling, bocce and bistro space that is planned to open at International Plaza alongside a Cinemex in spring 2021. Pinstripes
    In addition to upscale bowling and movies, there will also be bocce ball and a bistro.
  10. Tech Data's headquarters in Largo. TD AGENCY  |  Courtesy of Tech Data
    The company is being sold to a private equity firm.
Advertisement
Advertisement
Advertisement