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Jones Lang LaSalle Inc.

09/21/2021 | Press release | Distributed by Public on 09/21/2021 07:41

Acquisition financing secured for waterfront Westin hotel in Downtown Tampa

TAMPA, FLA., Sept. 21, 2021 - JLL's Hotels & Hospitality Group announced today that it arranged acquisition financing for the Westin Tampa Waterside hotel located in downtown Tampa, 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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