CrossHarbor Capital Partners buys Hilton Tampa Downtown

July 5, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for the Hilton Tampa Downtown, a 520-room,...

July 5, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and arranged acquisition financing for the Hilton Tampa Downtown, a 520-room, full-service hotel in the heart of downtown Tampa, Florida.

HFF marketed the property on behalf of the seller, a partnership between Driftwood Hospitality Management, LLC and H.I.G. Realty PartnersCrossHarbor Capital Partners LLC purchased the asset.  Additionally on behalf of the new owner, HFF placed the floating-rate acquisition loan with a banking and financial services holding company.

WRITING 101

Hilton Tampa Downtown was built in 1982 and fully renovated when it was converted from a Hyatt to a Hilton in 2013.  The 18-story hotel features a rooftop sundeck, fitness center, executive lounge, business center, heated outdoor pool and spa, 30,000 square feet of meeting space and three food and beverage outlets, 211 Lounge, 211 Restaurant and a full service Starbucks.  Situated on 5.6 acres at 211 North Tampa Street, the hotel is proximate to several demand generators, including Amalie Arena, Tampa General Hospital, Historic Ybor City, the Florida Aquarium, Port of Tampa Cruise Terminal, Raymond James Stadium and 9.7 million square feet of office space in Tampa’s central business district.  The hotel is within walking distance to the planned $2 billion, six million-square-foot, mixed-use office, retail and multi-housing development being executed by Strategic Property Partners, a real estate development firm, which includes Jeff Vinik and Bill Gates’ Cascade Investments.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s hotel group, Daniel C. Peek and associate directors Preston Reid and Alexandra Lalos.

The HFF debt placement team representing the borrower was led by managing director Michael Weinberg.

HFF’s Hotel Team continues to be extremely active throughout the state of Florida, having closed 56 hotel-related transactions in the last 24 months, including Hilton Clearwater Beach, La Playa Beach & Golf Resort, Naples Grande Beach Resort, Sheraton Sand Key Resort, Embassy Suites Downtown Orlando, Hilton Key Largo and, locally in Tampa, the Sheraton Tampa Riverwalk Hotel and the Sheraton Suites Tampa Airport Westshore.

[button href=”https://www.hfflp.com/media-center/press-releases/142631/hff-arranges-sale-and-financing-for-hilton-tampa-downtown-hotel.aspx” style=”emboss” size=”medium” target=”_blank”]Source: HFF[/button]

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CommercialFort LauderdaleHospitalityMiamiMortgageNationalReal Estate FinanceSouth

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