Sale of Hotel Indigo Sarasota rings up $16.77 million

The Hotel Indigo Sarasota
The Hotel Indigo Sarasota

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.

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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