Hotels attract new type of investor

A group including Buccaneers co-owner Bryan Glazer recently bought the Renaissance Vinoy, reflecting a new trend in hotel investment.

More wealthy individuals are investing in hotels, attracted by how well hotels are doing. Consider these facts from an Urban Land Institute panel discussion:

– Florida hotel visits are on pace to break 2017’s record, though red tide’s a concern.

– Tampa hotels have a 75% occupancy rate this year, with St. Petersburg and Clearwater over 70%. Five years ago, occupancy rates in all three cities were below 70%.

– Four of Florida’s top 10 recent hotel sales were on the Gulf Coast.

– Kent Schwarz, Colliers International Hotels