Hotel Indigo changes ownership

Innisfree Hotels has added another Sarasota hotel to its portfolio with the purchase of Hotel Indigo, located at 1223 Boulevard of the Arts in Sarasota’s Rosemary District.

In addition to Hotel Indigo, the Pensacola-based hotel management company is also involved in developing a Hampton Inn and Suites as well as an Embassy Suites by Hilton, which is currently under construction.

“With the purchase of the Indigo Hotel, the Embassy Suites by Hilton under construction the Hampton Inn and Suites under development, Innisfree and its partners will have more than $100 million invested in this community,” founder and CEO of Innisfree Hotels Julian MacQueen said.

There are currently 1,300 new hotel rooms proposed for downtown. While Sarasota maintained a 78% occupancy level in June, an all-time high, MacQueen conceded the addition of so many rooms may lead to a decrease in demand. However, he is optimistic that the market will stabilize over time. 

“You can’t come in with that many rooms and not feel a pinch in occupancy," MacQueen said. "But when I buy or build a hotel I do it for 20 to 25 years. I’m not thinking short term I’m thinking long term.”