Rebranding 3 December 2018
Inaugural Transaction for TJM Hospitality and Hunter Hotel Advisors
This 85-room hotel was built in 2001 and renovated in early 2018.
Shamir Patel, Vice President, Hunter Hotel Advisors: Matt McCarthy at TJM Properties has been a long-time client of Hunter Hotel Advisors. We were pleased to be able to execute on this transaction for them and to continue to grow that relationship. The Buyer, Sanjeev Amin, is a first time Florida buyer, who saw the growth potential in Florida & the tax advantages of owning a business in the State of Florida. The deal had a few hurdles with a 1031, SBA loan and out of state lender, however, both sides of the deal worked together to make it as smooth as possible. The Fort Myers market was one of the hardest hit markets in the downturn and one of the last markets to finally return. Better days are ahead for the Baymont & Fort Myers and the vision & experience that this Seller will bring to this property will only manage to accelerate their success.
Florida offers opportunities for both buyers and sellers who consider the local market conditions in relation to their long-term and short-term goals. This property checked all the boxes for TJM Hospitality and Mr. Amin, and I am pleased that my team was able to deliver a sound sale. Future outlook is excellent for the Baymont property, said Teague Hunter, President, Hunter Hotel Advisors.
This is the seventh Wyndham property Hunter has closed for 2018, with another 3 projected by the end of the year.