A Miami real estate investment group has purchased two extended-stay hotels off Ulmerton Road in Clearwater with the aim of converting them into apartments.
Eagle Property Capital Investments, in conjunction with Mexican private equity firm Promecap, closed the adjacent TownePlace Suites at Marriott St. Petersburg Clearwater, 13200 49th St. N., and Residence Inn by Marriott St. Petersburg Clearwater last week. , 5050 Ulmerton Rd. . The sites have Clearwater mailing addresses but are in the tax district of Pinellas Park.
The two properties have 183 units between them. Eagle Property Capital intends to convert these into efficiency, studio, one and two bedroom apartments in the 500 to 850 square foot range and consolidate them as Pelican Lake Apartments.
“This was an exciting and rare opportunity to expand our footprint in the Tampa market by taking two centrally located extended-stay hotels and turning them into much-needed workforce housing,” said Rodrigo Conesa, Director CEO of Eagle Property Capital, in a statement.
Conesa said negotiations for the separate purchases began “at the height of the COVID-19 crisis”. The Residence Inn sold for $10.5 million, according to Pinellas County records. A spokesperson for Eagle Property Capital said the combined purchase price for the two hotels was $20.6 million.
The two hotels are located on 11.2 adjacent acres, featuring 14 three-story buildings, 209 parking spaces, a lake, fitness center, swimming pool, and other amenities. The company said it plans to renovate interiors and landscaping and add carports.
Eagle Property Capital operates nearly two dozen apartment complexes in Texas and Florida, including the 345-unit Captiva Club in Tampa and the 304-unit Gateway on 4th in St. Petersburg.