JLL arranges sale, secures financing for Grand Hyatt Tampa Bay and Bayport Plaza
Properties located along waterfront in Tampa’s top employment market
TAMPA, August 26, 2019 – JLL Hotels & Hospitality today announced that the firm has advised on the sale of the Grand Hyatt Tampa Bay and Bayport Plaza. The 444-key hotel and the 265,976-square-foot office property are located along Tampa Bay, near Tampa International Airport and at the epicenter of the Rocky Point and Westshore submarkets.
JLL advised on behalf of the seller. IP Capital Partners, along with an institutional capital partner, purchased the hotel and office assets. JLL also secured acquisition financing.
JLL Senior Director Preston Reid and Director Wyatt Krapf led the hotel transaction effort, Senior Managing Director Hermen Rodriguez led the office transaction effort and Senior Managing Director Chris Drew and Director Maxx Carney led the financing effort.
“Business and leisure travel to Tampa remains strong,” said Reid. “The Grand Hyatt Tampa Bay will continue to benefit from a robust travel and tourism industry, which includes a $2.64 billion airport expansion and an increasing number of direct flights to the market.”
“Bayport plaza is a high-quality office complex that attracted some of the most prolific office investors,” said Rodriguez. “They were attracted to the fact that Tampa is a high-growth job-creating market as well as the physical presence of the building.”
The Grand Hyatt Tampa Bay features nearly 33,000 square feet of meeting space, three food and beverage outlets, two tennis courts, an outdoor resort-style swimming pool and a 24-hour fitness center. Bayport Plaza offers unobstructed views of Tampa Bay and features a tenant roster that includes numerous Fortune 500 and global companies.
“We are bullish on Tampa’s long-term prospects, given the market’s business friendly dynamics and solid economic growth,” said Jason Isaacson, President, IP Capital Partners.
“Large waterfront sites in Tampa are increasingly rare, and there was a significant amount of interest to finance two premier assets,” said Drew.
“Tampa is one of the top-performing hospitality markets in the country and our expanded presence here is a key value-add for our clients, as evidenced by this transaction,” said Gilda Perez-Alvarado, Americas CEO, JLL Hotels & Hospitality.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About IP Capital Partners
“IP Capital” is a private real estate investment and asset management firm headquartered in Boca Raton, Florida. IP Capital was formed to focus exclusively on co-investing with various institutional and high net worth joint venture partners in office, retail and industrial real estate in the major growth markets of Florida. IP Capital primarily invests through IPCP Florida Realty Value Fund II, LP (the "Fund"), which was formed to capitalize on the increasing number of opportunities available in the Florida commercial real estate markets.