Sale of Hotel Indigo Sarasota rings up $16.77 million

Innisfree Hotels bought the Indigo

Sep.September 11, 2016 10:30 AM

A development company in Florida’s Panhandle region bought an existing hotel in Sarasota after launching the development of two new ones there.

Gul Breeze-based Innisfree Hotels paid $16.77 million for the Hotel Indigo Sarasota, or $176,526 per room for the 95-key property. The seller is an affiliate of Nashville-based Paradise Hotel Group.

Innisfree plans to spend another $750,000 renovating the Indigo. Hotel Indigo is a global boutique-hotel brand owned by the InterContinental Hotels Group.

Opened 10 years ago, the Inigo-branded hotel is located at 1227 Boulevard of the Arts in Sarasota. The hotel has a restaurant called the H2O Bistro, a fitness center, hot and cold wading pools, a business center and event space.

Innisfree also is developing two other hotel properties in Sarasota: a 162-room Hampton Inn & Suites and, together with Jebco Ventures, an 18-story, 180-room Embassy Suites by Hilton.

Innisfree Hotels’ chief executive officer, Julian MacQueen, said in a press release that the Indigo hotel acquisition increased Innisfree’s investment in Sarasota to more than $100 million. [Sarasota Herald Tribune]Mike Seemuth

Related Articles


New apartment complex in downtown Sarasota sells for $444,444 per unit

Two manufactured-home properties in Sarasota sell for $165m

Commercial real estate finance firm moving home office from Boston to Sarasota

Groundbreaking for boutique Sarasota condo set for the first quarter of 2019

California firm buys newly built rental complex in Sarasota for $77.5M

Office building in downtown Sarasota sells for $16.35M

Hospitality REIT pays $643,000 per key for Ritz-Carlton Sarasota

Local governments face money-losing municipal golf courses across Florida