Acquisition financing secured for waterfront Westin hotel in Downtown Tampa
JLL’s Hotels & Hospitality Group arranged the financing for the 309-key Westin Tampa Waterside hotel in Florida
JLL represented the borrower, a joint venture between Newbond Holdings and investment funds managed by an affiliate of Apollo Global Management, to secure the acquisition loan through New York Life Investors’ Structured Debt team. Ryan Doyle and John Lippman led the efforts on behalf of New York Life.
The Westin Tampa Waterside hotel is a waterfront asset located at 725 S. Harbour Island Blvd. and positioned in the heart of downtown Tampa. The Westin Tampa Waterside was first built in 1985 and has been extremely well-maintained by previous ownership, with nearly $17 million – about $55,000 per key – invested in the property over the last few years. The hotel consists of 309 total keys and is located on about 1.5 acres, stands 12 stories tall and contains 22,920 square feet of event space and 4,760 square feet of meeting space. In addition, the hotel has an on-site restaurant, business center, fitness center, pool, marketplace and offers valet dry cleaning and 24-hour room service for guests.
Tampa has been experiencing an influx of travelers, with Florida strongly benefitting as a major drive-to leisure destination and overall performing well through the pandemic. The property is located directly across the Garrison Channel from Water Street Tampa, a transformational $3 billion, 53-acre redevelopment that calls for 3,500 new residential units, an iconic cultural arts pavilion, one million square feet of retail and cultural spaces, and two million square feet of offices space. Additionally, the property is a short walk from the Tampa Convention Center and Amalie Arena, one of the busiest event venues in the country, and steps away from Tampa’s new Riverwalk, a 2.6-mile elevated boardwalk that activates Tampa’s downtown waterfront and connects riverfront parks, museums, attractions and businesses.
The JLL Hotels & Hospitality team representing the borrower was led by Managing Director Mark Fisher and Senior Managing Director Kevin Davis.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Newbond Holdings
Newbond Holdings is a real estate investment and operating platform focused on debt and equity positions across multiple real estate product types with a hospitality focus as well as investments in related operating businesses and technology platforms. As a vertically integrated operating and investment platform, Newbond is uniquely positioned to create significant value beyond the typical investment process through creative structuring, operations and the development of single and multiple asset brands.