(Carl Cronan is editor of Real EstateFlorida.)
TAMPA, FL-The 259-room Sheraton Suites Tampa Airport/Westshore hotel will undergo $14-million worth of renovations next spring under its new ownership and management by Davidson Hotel Co. and Square Mile Capital Management LLC. The joint-venture partners bought the hotel from Host Realty Partnership LP for an unspecified amount.
The acquisition is Memphis, TN-based Davidson Hotel's first joint venture with Square Mile Capital, based in New York City. Davidson Hotel owns two other properties in Florida, the Westin Colonnade Coral Gables and the Hilton University of Florida Conference Center in Gainesville, and sees significant growth potential from its Tampa asset.
"The planned renovation will touch virtually every area of the hotel, including the lobby, restaurant and lounge, pool, meeting space, fitness center and guest rooms, and will put the property in top physical condition," says Steve Margol, executive VP of business development with Davidson Hotel. The work will be delayed until after Super Bowl XLIII, early next year at nearby Raymond James Stadium.
Sheraton Suites, at 4400 W. Cypress St., opened in 1986 and is centrally located within Tampa's massive Westshore class A office market, with easy access to Tampa International Airport. The eight-story hotel has intense competition from several other hotels in Westshore, including a new 122-room Marriott TownePlace Suites under construction at the nearby Avion Park mixed-use complex.
Davidson Hotel is a full-service hotel owner and third-party management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry. It owns and manages 32 upscale hotels with nearly 9,100 rooms nationwide.
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