(Richmond, Va. – June 14, 2022) – Sandpiper Lodging Trust (“SLT”) is pleased to announce the acquisition of two Residence Inn by Marriott ™ extended stay hotels located in the Central Florida market. One of the hotels, Sandpiper Gainesville, is located 2 miles southwest of the University of Florida in Gainesville, FL. The other hotel, Sandpiper Lakeland, is located 30 miles east of Tampa, near the Lakeland Linder International Airport. Terms of the deal were not disclosed.
Carter Rise, CEO of SLT, stated, “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.”
With hotels now in Tampa, Orlando, Gainesville, and Lakeland, SLT has gained wide coverage of the Florida extended stay hospitality market, demonstrating its high expectations for the Florida market moving forward. By acquiring two upscale Residence Inn extended stay hotels, SLT has increased both its brand and sector diversity in one of its most strategic markets.
SLT now owns 23 properties across four brands located in eight states spanning from the Mid-Atlantic region to Texas and Colorado.
