Hilton Tampa Westshore Sells for $30M

TAMPA, FL-Highland Hospitality Corp., a one-month-old, McLean, VA-based REIT, has acquired its seventh property in less than a month with the $29.5-million purchase of the 238-room Hilton Tampa Westshore hotel located in the corporate-oriented Westshore business district, five minutes from Tampa International Airport.

Highland paid RLJ Development LLC, a private held Allentown, PA-based company about $124,000 per room and assumed a $17-million mortgage loan as part of the deal. Crestline Hotels & Resorts Inc. will manage the hotel which has 12,000 sf of meeting space.

The acquisition increases Highland’s portfolio to 1,567 rooms in four states. The properties are operated by Crestline and Hyatt Hotels under the flags of Marriott, Hyatt, Renaissance and Hilton Gardens. Highland’s common is trading on the New York Stock Exchange in the $11.50 per-share range.