ITB #5-2025/2026 Sale of College-Owned Hotel and Adjacent Properties

Gulf Coast State College has issued Invitation to Bid (ITB) #5-2025/2026 for the comprehensive sale of a college-owned hotel and adjacent properties located in Panama City, Florida. The procurement involves six parcels totaling approximately 5.32 acres, with the primary parcel at 5126 West Highway 98 featuring a 27,000-square-foot, two-story hotel constructed in 1997 and renovated post-Hurricane Michael in 2018. The property includes additional amenities such as a swimming pool and parking lot, strategically positioned near the college, Florida State University's Panama City Campus, Port Panama City, and the beach. Qualified buyers must submit sealed bids electronically via BidNetDirect.com or provide a physical copy by 2:00 PM CST on November 13, 2025, with a mandatory minimum bid of $2,500,000. An optional pre-bid informational meeting is scheduled for October 31, 2025, at 1:00 PM CST in the Gulf Coast State College Administration Building, providing potential bidders an opportunity to gather additional information about the property.

The solicitation does not specify explicit set-aside designations or restrictions on responding organizations, suggesting the bid is open to a broad range of qualified commercial and real estate investors. The college will convey the property via a Special Warranty Deed, with the successful bidder responsible for all closing costs, including documentary stamps, recording fees, survey costs, and title insurance. The closing is scheduled to occur 30 days after contract execution, and the college will not provide owner financing or be responsible for broker commissions or the bidder's attorney fees. All parcels must be purchased together, which may limit potential bidders to entities with substantial financial capacity. The total property value is set at a minimum of $2,500,000, representing a significant real estate investment opportunity in a prime Panama City location near educational and maritime infrastructure.