Investment Opportunity
Boutique Large Format Hotel - Tampa, FL
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Investment Opportunity

Boutique Large Group Format Hotel in Growing Market

From The Team Behind

July 2024

Presented by 6602 Nebraska LLC

The team behind 6602 Nebraska LLC has over 30 large-format STR & hotel properties, including the New Orleans group hotel, The Syd.

Note: This presentation can be circulated. Feel free to share with other interested parties.

Expanding Proven Group-Stay Hotel Concept to Rapidly Growing Tampa Market

15.46%

LP Yr 1 CoC

24.17%

LP IRR

3.04x

LP MOIC

$2.60M

LP Investment

Project Overview

The sponsor group behind New Orleans’ The Syd is presenting accredited investors with the opportunity to participate in the development of a 5-unit, 50-bedroom hotel on Nebraska Ave in Tampa's Seminole Heights neighborhood. The $7.9 million total project cost includes $2.60 million in LP equity targeting a 10-12 month construction period to open in 2026. Units will be fully furnished with high-end amenities and custom local art.

This project will be the first group stay hotel to market in Tampa. Tampa set new records on both total visitor count (26.7M) and taxable hotel revenue ($1.1B) in 2023, as well as one of Time Magazine's 50 World's Greatest Places. (https://time.com/collection/worlds-greatest-places-2023/)

Investment Opportunity

See details on this transaction below.

  • Product Type

    Hospitality

  • Development Type

    New Construction

  • Square Footage

    14,500 SF

  • Project Cost

    $7.9M

  • Total LP Equity

    $2.60M

  • Project Period

    5 Years

  • Net LP IRR

    24.17% IRR

  • Net LP MOIC

    3.04x MOIC

  • Cash on Cash Yr1 Return

    15.46%

  • Minimum Investment

    $50,000

Location Overview

The site is zoned for hotel use by right and offers a rare opportunity to develop a hospitality property with access to Tampa’s core tourism districts. The Seminole Heights location offers access to top destinations including downtown, beaches, Busch Gardens, the zoo, the convention center, and major sporting venues just minutes away.

Sparkman Wharf

Sparkman Wharf

Sparkman Wharf
Description
Modern waterfront area featuring hip restaurants & shops, a beer garden & street-food stands.
Category
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Raymond James Stadium

Raymond James Stadium

Raymond James Stadium
Description
Football stadium for the Tampa Bay Buccaneers, featuring a pirate ship with working cannons.
Category
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Busch Gardens

Busch Gardens

Busch Gardens
Description
Venerable theme park with thrill rides, African animals, live entertainment & kiddie attractions.
Category
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Hyde Park

Hyde Park

Hyde Park
Description
Upscale Hyde Park is renowned for its dining and nightlife scene along South Howard Avenue, or SoHo, with relaxed global restaurants, local institution Bern's Steak House, and cocktail bars that attract a young nighttime crowd. Hyde Park Village shopping center offers international chain stores alongside indie boutiques.
Category
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Plymouth

Plymouth

Plymouth
Description
One of the partners' two Airbnb's currently in the market, grossing $200,000+ in annual revenue
Category
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Tampa Riverwalk

Tampa Riverwalk

Tampa Riverwalk
Description
The Tampa Riverwalk is a 2.6-mile-long open space and pedestrian trail along the Hillsborough River in Tampa, Florida.
Category
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Ybor City

Ybor City

Ybor City
Description
Lively Ybor City is known for boutiques and vintage shops on 7th Avenue, which also hosts Cuban and Latin American eateries. The Centro Ybor mall offers indie fast food, bars, and a cinema. Housed in a 1920s bakery, Ybor City State Museum has exhibits on the cigar industry and the area’s immigrant communities.
Category
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Rooster & the Till

Rooster & the Till

Rooster & the Till
Description
Dinner destination for inventive, locally sourced New American small plates in a rustic-chic space.
Category
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Trip's Diner

Trip's Diner

Trip's Diner
Description
Down-to-earth diner for breakfast favorites, sandwiches & salads, plus homestyle American mains.
Category
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Project Details

Background

The proposed 6602 Nebraska Street project is a 5-unit boutique apartment hotel designed to cater to larger groups. It will offer 5, 10 bedroom apartment-style short term rental units, with the prime location conveniently adjacent to new residential projects in Seminole Heights and Tampa Heights.

6602 Nebraska will be a licensed and permitted hotel. This insulates and helps protect us from any potential regulation on short term rentals in the Tampa market. Additionally it is a much more attractive acquisition for institutional investors.

Program

Each of the 5 2900 sq ft hotel units will include 10 bedrooms. Guests enjoy the comforts of an entire home with full kitchen/living areas for rates much more affordable than a hotel room. Shared amenities feature an outdoor pool, patio and grills. High-end furnishings and custom local artwork complete the upscale but authentic neighborhood vacation experience.

Timeline

We have started architect discussions with a conservative construction start date set for January 2025. The 10-12 month schedule targets completion by November 2025 for a January 2026 opening, with stabilized occupancy by June 2026. (Note: the model assumes an open date of April 2026 to account for some stabilization)

  • Contractor Selection: November 15th, 2024
  • Building Permit Approved: January 15th 2025
  • GMP Contract Executed: January 15th 2025
  • Loan Closing: January 15th 2025
  • Construction Start: January 15th 2025
  • Construction Period: 10-12 months‍
  • Substantial Completion: November 15th, 2025
  • Commencement of Operations: January 15th 2026
  • Stabilized Occupancy: June 2026

Location Details

Tampa Hospitality Market

Tampa’s hospitality market continued strong growth coming out of the pandemic, with 2023 setting new tourism records including over 26.7 million visitors. This drove Hillsborough County hotel revenues to nearly $1.1 billion, boosted by robust average daily rates up 7% in 2023. Nine new hotels brought 1,100 in new room supply, still only 2% of total stock. Sales of $218,000 per room also rose across 33 hotel transactions in the county.

Major drivers attracting travelers are Tampa’s highly rated beaches like nearby Clearwater Beach, attractions including Busch Gardens, and a packed sports and event calendar. Tampa International Airport’s accolades for customer satisfaction add appeal. Hotel projects remain active with another 1,300 rooms slated by 2025.

Local Neighborhood

The site lies just north of vibrant Tampa Heights, and the six-block Seminole Heights corridor surrounding the site added 4 restaurants, a renovated theater, offices, and 166 residential units recently. Hundreds of more high-end rentals and condos are planned or underway. The area maintains its historic charm of craftsman bungalows and brick streets while appealing to young professionals and families.

The location allows our project to tap into greater Tampa’s expanding visitor demand and growth, while offering guests an authentic neighborhood experience perfectly suited for the short-term rental/apartment hotel concept.

Project Thesis

Catering to Group Travel

The broader hospitality industry continues to adapt to changing traveler preferences stemming from the growth and adoption of Airbnb and Short-Term Rentals. Hotels remain focused on individual business travelers, while vacationers increasingly look for lodging options that accommodate group trips and family gatherings.

Share of People Who Prefer to Travel as a Group is Growing (data from Statista)

Traveler Preferences are Shifting from Hotels to Airbnb (data from Skift)

We have directly witnessed this trend through our portfolio of 30 units already operating successfully in Tampa and New Orleans based on this group-focused model.

Demonstrated Resilience

Short-term rental/apartment hotels generally outperformed traditional hotels through recent downturns by offering more flexibility. The proposed development further minimizes risk as the concept has been proven in New Orleans, but this project will be a first mover in a Tampa market that has extremely similar tourism demographics to New Orleans.

Financial Details

Financial Overview

The roughly $7.9 million total development cost includes acquisition of the land, which is already under contract for our group. We are proposing funding with $2.60 million in investor equity and $5 million in debt financing. The developer/sponsor contributes an additional $318k of equity through cash and fee contributions. At stabilization after year 3, we anticipate roughly $457,754 in annual pre-tax cash flow and $1.09 million net operating income, with a sale at an assumed 9% cap rate projected to return 3.04x on LP equity.

Investment Structure

6602 Nebraska LLC is seeking investment partners to contribute roughly $2.60 million. All distributions from operations, refinancing and and capital transactions will be split pro rata to Sponsor and Limited Partners, subject to a promoted waterfall structure following the below terms.

Project Team

The partners have developed over $20M+ in residential and commercial real estate, with 30+ short-term rental units owned and operated between the three partners. Dan Crowley and Nick Bruno founded Bruno & Crowley Properties LLC in 2012 focusing on New Orleans residential and short-term rental real estate. In 2022, the group expanded to Tampa in partnership with Dylan Barbieri.

$20M+
Developed
30+
Rental units

Team Bios

Nick Bruno
nicholasjw.bruno@gmail.com

Nick co-founded development firm Bruno & Crowley Properties which has over $11 million in residential and commercial projects. He previously spent 8 years as Development Manager for Redmellon Restoration & Development managing historic rehab and affordable housing projects exceeding $50 million. Nick also founded Pousada Property Management operating short-term rentals, and works as a development consultant for firms like Diversified Enterprises and Crowley Properties. He is a licensed real estate broker and Tulane University graduate.

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Dan Crowley
danielhcrowley@gmail.com

Daniel co-founded Bruno Crowley Properties while launching additional ventures including: Crowley Properties managing 23 short-term rental units, fast-growing Crowley Holdings pulling $15+ million revenue in government contracting annually, and Crowley Hauling operating a local dump truck fleet. His diverse investment and management experience crosses real estate, hospitality, construction, and the public sector. Daniel graduated Tulane University with a Finance major and Legal Studies minor, receiving the prestigious Garvin Shands Sauders Scholarship (2009-2011) and Evelyn/William Burkenroad Award upon graduating in 2011. He subsequently passed all 3 Certified Financial Analyst (CFA) Exams.

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Dylan Barbieri
dylankbarbieri@gmail.com

Dylan worked in construction management as Regional Manager for a major Tampa-area residential remodeling firm, overseeing hundreds of projects over two years before founding general contractor 618 Construction LLC. Concurrent real estate ventures include co-owning two short-term Tampa rentals through Barbieri Holdings LLC and operating three rental units via 618 Property Management, with a fourth property being added next month. Dylan later received his Florida real estate license and relocated from the Boston area where he had earned a mechanical engineering bachelor's degree from Wentworth Institute of Technology and worked as an engineer in the private sector for several years after graduating. His diverse experience encompasses engineering, construction, contracting, real estate investment, and hospitality.

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Case Study

The Syd was one of the first group hotels in New Orleans, launching in 2021. Daniel Crowley, partner on the 6602 Nebraska project, was the lead investor and development partner. The Syd is producing $1.23M in yearly revenue on roughly $3M in development cost. (2023 P&L available upon request)

$1.23M
Yearly Rev
83.4%
Project Cash-on-Cash

Tampa 9-11 Bedroom Comps

Below are 3 of the best comparable properties in the Tampa market. As mentioned there does not currently exist a Airbnb Hotel property in the Tampa market. The below 3 comps show an average  $34,166/month (note this is an estimate looking at estimated occupancy and average nightly rates). Additionally our 10 bedroom unit at The Syd in New Orleans averaged $33,066/month (trailing 12 months).

6602 Nebraska is modeling out $29,109/month/unit. Therefore, we feel we have a reasonably conservative top-line revenue number. If we can approach and even surpass the revenue numbers the The Syd averages, then there is a huge amount of upside.

Twin Luxury Villas in Tampa: Perfect for 28 Guests

Beds
14
BR / BA
11 / 5.5
Monthly Rev (estimated)
$35,000
Yearly Rev
$420,000

Private Waterfront Resort Sleeps 40, Theater, Gym

Beds
21
BR / BA
11 / 9
Monthly Rev
$42,500
Yearly Rev
$510,000

"Pete's Place" 9 Bedroom 7 Baths

Beds
13
BR / BA
9 / 6.5
Monthly Rev
$25,000
Yearly Rev
$300,000

Project Team - Tampa Portfolio

Properties in Tampa owned & operated by the 6602 Nebraska partnership.

1 / 0

Tropical Oasis with Heated Pool

SQ FT
1701
BR / BA
5 / 3
Monthly Rev
$14,590
Yearly Rev
$175,081
1 / 0

Trendy 7 Bedroom Home

SQ FT
2380
BR / BA
7 / 3
Monthly Rev
$16,958
Yearly Rev
$203,492

Project Team - New Orleans Portfolio

Properties in New Orleans owned & operated by the 6602 Nebraska partnership.

Magnificent Getaway - 10 Beds
  • SQ FT

    1856

  • BR / BA

    5 / 3

  • Monthly Rev

    $13,109

  • Yearly Rev

    $157,309

Fresh Contemporary Luxury - 10 Beds
  • SQ FT

    1,856

  • BR / BA

    5 / 3

  • Monthly Rev

    $12,793

  • Yearly Rev

    $153,512

Tropical Oasis Near FQ
  • SQ FT

    1675

  • BR / BA

    5 / 3.5

  • Monthly Rev

    $17,732

  • Yearly Rev

    $212,781

Trendy Art Filled MidCity Oasis
  • SQ FT

    1629

  • BR / BA

    5 / 3

  • Monthly Rev

    $10,771

  • Yearly Rev

    $129,249

Private Home with Heated Pool
  • SQ FT

    1885

  • BR / BA

    5 / 4

  • Monthly Rev

    $17,479

  • Yearly Rev

    $209,749

Traditional New Orleans Luxury
  • SQ FT

    2003

  • BR / BA

    5 / 3.5

  • Monthly Rev

    $13,030

  • Yearly Rev

    $156,359

The Jungle House | Private Heated Pool
  • SQ FT

    2003

  • BR / BA

    5 / 3.5

  • Monthly Rev

    $11,970

  • Yearly Rev

    $143,645

Historic Home with Heated Pool
  • SQ FT

    1491

  • BR / BA

    5 / 4

  • Monthly Rev

    $19,110

  • Yearly Rev

    $229,321

Elegant & Cosy House w/ 5BR
  • SQ FT

    2363

  • BR / BA

    6 / 4

  • Monthly Rev

    $13,845

  • Yearly Rev

    $166,142

Hip Art Filled Uptown Oasis near FQ
  • SQ FT

    2363

  • BR / BA

    6 / 4

  • Monthly Rev

    $14,090

  • Yearly Rev

    $169,080

Modern Urban Oasis with 5BR
  • SQ FT

    2361

  • BR / BA

    6 / 4

  • Monthly Rev

    $13,579

  • Yearly Rev

    $162,950

Tropical Art Filled Oasis near FQ (*still stabilizing*)
  • SQ FT

    2,412

  • BR / BA

    6 / 4

  • Monthly Rev

    $8,632

  • Yearly Rev

    $103,585

Oasis Near FQ+Jazz Fest w/Pool (*still stabilizing*)
  • SQ FT

    2351

  • BR / BA

    6 / 4

  • Monthly Rev

    $8,108

  • Yearly Rev

    $97,299

Indicate investment interest

Submit Your Indication

Thank you for your continued support and investment. If you are interested in this opportunity and would like to learn more, please fill out the form included here. Additionally feel free to reach out to Nick, Daniel, or Dylan directly.

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