After more than a year of financial losses in the tourism industry, real estate developer Ben Mallah has put four of its hotel properties up for sale.
Mallah said he made the decision to sell several of his hotels after “bleeding to death” money for more than a year to keep them open. To keep the hotels up and running, he had to spend about $ 200,000 a month per hotel – and losing about $ 1 million a month.
“Things are not as beautiful as everyone thinks,” said Mallah. “Things are slowly coming back, but we still don’t have a company, we still don’t have sports, we still don’t have a cruise business, we still don’t have concerts.”
As a result, there is more competition in the tourism industry as a wider range of businesses compete for a smaller number of travelers, Mallah said. And with the pandemic, the value of his real estate has also fallen.
“We’re probably considering a 20 to 25 percent depreciation in value,” he said.
Mallah’s properties are listed on the commercial real estate company’s website. blessed.
Mallah is selling two hotels near Tampa International including the Four Points by Sheraton Suites Tampa Airport Westshore and the Holiday Inn Tampa Westshore, as well as the Four Points by Sheraton Orlando International Drive and the Sheraton Suites Fort Lauderdale at Cypress Creek.
The Four Points by Sheraton Suites in Tampa features an atrium with a 30-meter high glass ceiling, waterfall and plants, plus a restaurant, fitness room and indoor pool. It has 263 two-room suites. The Holiday Inn in Tampa has 282 rooms and 10,000 square feet of meeting space with a restaurant, pool, and exercise room.
The atrium of the Four Points by Sheraton Suites in Tampa. [ Courtesy of Preston Reid ]
Mallah’s Four Points by Sheraton in Orlando – known for the globe on the roof – is a partnership with Universal. It is located on International Drive, less than 2 miles from the theme park. Tickets for the park are available in the hotel lobby. The facilities also include an exotic car rental company, more than 11,500 square meters of meeting space, two restaurants, a fitness room and a swimming pool with a children’s water park. The hotel has 303 rooms.
The pool area of the Four Points by Sheraton in Orlando. [ Courtesy of Preston Reid ]
The Sheraton Suites in Fort Lauderdale have 258 two-room suites, 10,000 square feet of banquet and meeting space, as well as an atrium, pool and exercise room.
All over the country, Mallah has brought more hotels to market.
“It’s just a really sad situation,” he said. “It’s like starting all over again.”
