North Central Florida Hotel Hits Market At $12 Million

Marcus & Millichap has obtained the exclusive listing for Paramount Plaza Hotel & Suites, a 197-room, three-building, full-service hotel in Gainesville. The commercial real estate asset is listed for $12,000,000. It was originally built as a full-service Hilton, subsequently converted to a Sheraton and then ultimately became the Paramount Plaza Hotel & Suites. David M. Greenberg, a vice presidents investments, and David Altman, an associate, both in Marcus & Millichap’s Fort Lauderdale office, are marketing the hotel on behalf of the seller, a Florida-based private investor.  

“The Paramount Plaza Hotel & Suites presents an opportunity for a hands-on owner/management company to maximize revenues in the growing market of Gainesville,” says Greenberg. “The hotel is just one mile from the University of Florida and is the only lakeside property in Gainesville.”

Constructed in 1978, the three-building, 53,297-square foot interior corridor hotel is located on a 6.05-acre lot. The main building is two stories tall and contains a majority of the common areas, including the lobby, great room, offices, hotel laundry, restaurant, business center and meeting/conference rooms. The two remaining buildings are both four stories and contain the hotel’s guest rooms, served by a central interior corridor. The property also includes over 14,000 square feet of meeting space that is used to hold banquets, meetings, and weddings. Paramount Plaza Hotel & Suites is located at 2900 Southwest 13th Street in Gainesville.    ]]>