Family-owned-and-operated hospitality firm, McKibbon, has entered the hotel acquisition space, closing on the purchase of the Hampton Inn & Suites Clearwater/St.Petersburg-Ulmerton Road, today.
The 128-key property was purchased as the initial portfolio investment for McKibbon Income Fund I, an income-focused hotel investment fund developed to acquire existing, select-service and extended-stay assets in markets throughout the Southeastern United States, according to a statement.
The purchase represents the first in the pipeline of acquisitions for the expanding Tampa-based company.
In addition to its hotel management and construction verticals, McKibbon Hospitality and McKibbon Places, a new arm of the enterprise, McKibbon Equities, launched in 2022.
Led by President and fourth-generation hotel executive, J.B. McKibbon, IV, McKibbon Equities is responsible for the firm’s investment activity, the McKibbon Family Investment Fund, and McKibbon Income Fund I.
Hampton Inn & Suites Clearwater/St. Petersburg-Ulmerton Road was originally constructed in 2007 and underwent comprehensive renovations in 2020, and 2021, to refresh guest rooms and public spaces.