TAMPA, FL-A 99-room Rodeway Inn in Tampa was purchased from Citizens Bank for $1.3 million or about $13,000 per room, on August 6. The buyers were a private investment group out of South Florida. The new owners will gut it and possibly rebrand it, says Niven Patel, senior associate, investment specialist, with Marcus & Millichap’s Tampa office who represented Citizens. “The hotel had been poorly operated by the last two owners,” he says.

The Rodeway Inn had been independent before it became a Rodeway Inn, says Patel. Built in the 1970s, half of the hotel is currently closed, he says. The pool is closed and the roof leaks. The new owners will have to put in about $200,000 in renovations into the hotel.

The Rodeway Inn sold for a low price, says Patel. “The average economy hotel (in Florida) usually sells for about $25,000 a key and midscale hotels  about $30,000 to $40,000 per key,” he says.