TAMPA BAY–Nashville-based Scarlett Hotel Group (SHG) has acquired the Marriott Residence Inn in Downtown Clearwater from an institutional seller for $24.45 million.

The 115- guestroom hotel is located less than three miles from Clearwater Beach, Tripadvisor’s top U.S. beach in 2016, and only a short 30 minute drive from Tampa International Airport. All of the seven-story hotels guestrooms feature kitchenettes and queen sofabeds. The property also includes a pool, fitness center, and outdoor patio with a barbeque and firepit where it hosts its nightly guest receptions.

SHG was recently founded by a passionate and dynamic group of hospitality professionals, with a focus on acquiring premium limited/select service hospitality assets in urban markets. “We really love this City and look forward to being involved in our long-term vision of the continued development of Downtown Clearwater and Clearwater Beach as the best beach town in Florida”.

Downtown Clearwater has seen significant investor demand recently, with Mexico City-based developers converting the AmSouth building into a 51-unit boutique condominium tower, and a 257-unit apartment project targeting tech-savvy professionals currently under construction.

The sale was handled by The Plascencia Group, a Tampa-based hospitality-focused brokerage firm.