Hodges Ward Elliott is pleased to present the exceptional opportunity to acquire the fee simple interest in the 95-key voco Sarasota (the “Hotel” or “Property”). The Hotel completed a comprehensive renovation totaling nearly $50,000 per key in 2024. The Property is ideally located in the vibrant Rosemary District of downtown Sarasota across the street from the $1 billion, 14-acre Quay Waterfront District development. Additional nearby demand drivers include scenic Bayfront Park, cultural venues such as the Ringling Museum and Sarasota Opera House, boutique shops and restaurants in St. Armands Circle, and the pristine shores of Lido Beach, Longboat Key and Siesta Key. Guests can unwind at the brand-new outdoor pool, stay active in the 24-hour fitness center, and enjoy locally inspired cuisine at Offshore Tapas and Wine Bar.
| Address: | Sarasota, FL 34236 |
| Stories: | 4 |
| Rooms: | 95 |
| Year Opened | Renovated: | 2006 | 2024 |
| Submarket: | Sarasota / Beaches |
| Market: | Sarasota, FL |
| Class: | Upscale |
| Zoning: | DTB |
| Lot Area: | 0.81 AC | 35,23 SF |
| Gross Building Area: | 57,926 SF |
| F&B Outlets: | Offshore Bistro & Bar |
| Meeting Space: | 1,166 SF |
| Other Amenities: |
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| Parking: | Complimentary On-Site Self-Parking |
| Interest Conveyed: | Fee Simple |
| Owner: | ASFI-Sarasota LLC |
| Affiliation: | IHG Hotels & Resorts |
| Management: | Aimbridge Hospitality (Unencumbered) |
| Labor: | Non-Union |
Investment Highlights
Turnkey Boutique Hotel Benefiting from $4.3 Million Renovation in 2024
Built in 2006 as one of the first Hotel Indigo by IHG locations in the country, the Property has a long track record of exceptional performance that led to multiple recognitions, including the prestigious 2012 Torchbearer Award. Current ownership invested nearly $50,000 per key to debut the voco Sarasota in the first quarter of 2024 with upgrades that touched upon all aspects of the guest experience, from new guestroom FF&E and a rebuilt pool deck to a completely redesigned open-air lobby featuring the Offshore Bistro & Bar. The award-winning Property is now well-positioned to capture an ADR premium within the highly desirable Downtown Sarasota market.
Premier Walkable Location in Sarasota’s Thriving Downtown
The voco Sarasota’s epicenter location at the intersection of Boulevard of the Arts and North Tamiami Trail provides guests ease of access to the Property as well as an immersive urban experience that is within walking distance to the city’s finest restaurants, shops, office space and waterfront. Game-changing developments such as the $1-billion Quay Sarasota and The Bay Sarasota lie across the street, while top attractions such as St. Armand’s Circle, Mote Marine Aquarium, and the Sarasota beaches are just a short drive across the bay.
Residential Boom Generates Ample Lodging Demand
Since 2016, downtown Sarasota has experienced an urban renaissance, with nearly 2,700 multifamily and condo units completed and another 400 units slated for delivery by 2027. This fervent pace of development includes multiple 18-story luxury condominium projects, many of which feature half and full floor units that are valued well into the millions with sales regularly exceeding $1,000 PSF. This wave of luxury development has attracted affluence from around the globe, which directly benefits the local economy in the form of ancillary spending and revenue-generating citywide events.
Voco is IHG’s Fastest Growing Premium Lifestyle Brand
Since launching in 2020, the highly anticipated voco concept by Intercontinental Hotels Group (IHG) has expanded to 25 signed locations in the Americas, joining over 100 signed voco iterations across 20 countries worldwide. IHG’s goal is to open 200 properties across the globe by 2028, establishing voco as the company’s fastest growing premium brand. Catering to today’s experiential traveler, voco reflects the unique identity of each local market while offering luxurious amenities and attentive service. With over 6,000 properties worldwide and 100 million members, IHG One is a leading rewards program that provides substantial value through brand contributed demand.
Potential To Incorporate Rooftop Pool Deck And F&B Concept To Enhance Value
The voco Sarasota’s irreplaceable location offers guests on higher floors sweeping views of Sarasota Bay that will never be interrupted by development, given The Bay Park across the street is city-owned land. A new owner will have the opportunity to explore introducing an iconic rooftop pool deck and / or food & beverage concept that will serve as a destination for hotel guests and affluent locals alike. This amenity will generate substantial value in the form of ancillary revenue and ADR premium.
Rooftop Pool Deck Rendering
Rooftop Pool Deck Rendering
Current Rooftop Pool Deck
The potential rooftop concept described in this Offering Memorandum is for illustrative purposes only and does not constitute a guarantee, commitment, or approval for development. Any future implementation of this concept is subject to all necessary governmental approvals, zoning regulations, feasibility studies, and buyer due diligence.
Unencumbered of Management
Voco Sarasota is offered unencumbered by management agreement, affording a new owner maximum flexibility and optionality in future operations. A new owner is free to implement their own operational philosophy to capture additional market share and drive profitability