“The Westin provides further evidence to the robust investor demand for hospitality assets in the Tampa Bay market,” Peek said. “Like several markets in the Southeastern US, Tampa's economic expansion continues to be strong, perhaps best reflected in the performance of the region's hotel sector over the past 24 months.”

Opened in 1987, the hotel features 299 guest rooms, which includes 19 suites. There is 17,432 square feet of meeting space, a heated outdoor pool, a fitness studio and sweeping water views.

“The Tampa hospitality market continues to attract high-quality institutional interest from groups like Walton Street Capital,” says Reid. “With relatively muted new supply, a robust convention calendar and marquis events such as the 2017 College Football Playoff National Championship, on the horizon, the market shows little signs of slowing.”

Located at 725 South Harbour Island Boulevard, the hotel is proximate to transient and corporate demand generators, which provide a base for healthy year-round operating fundamentals, including Downtown Tampa, Amalie Arena, Florida Aquarium, historic Ybor City, the Channel District and numerous museums and sporting venues. The hotel is next to the Tampa Convention Center and the planned $2 billion, six million-square-foot, mixed-use office, retail, and multifamily development Strategic Property Partners is executing.

“This is the third hotel financing we have arranged this year on trophy assets in downtown Tampa and Downtown Orlando totaling nearly $175 million,” says Weinberg. “The interest was strong from debt capital providers for all three despite the tightening of hospitality financing that is occurring nationally.”

In July, Hilton Tampa Downtown, a 520-room, full-service hotel in Downtown Tampa, FL, traded hands. The sale price: $101 million.

ORLANDO—Westin Tampa Harbour Island, a 229-room full-service hotel in Downtown Tampa's waterfront on Harbour Island, has traded hands. HFF, which represented the seller, declined to disclose the sale price.

HFF senior managing director and head of HFF's hotel group Daniel C. Peek and associate directors Preston Reid and Alexandra Lalos led the charge on the sale. HFF managing director Michael Weinberg arranged the financing.

“The Westin is a high-quality asset in a great location on the waterfront in Downtown Tampa,” Peek tells GlobeSt.com. “We expect the new owners to undertake a significant renovation that will enhance the hotel's competiveness and the inventory of hotels available to group and transient travelers visiting the market.”

Affiliates of Walton Street Capital, which acquired the 100% fee-simple interest in the hotel from Blackstone. HEI Hotels & Resorts will manage the property. HFF placed the floating-rate acquisition loan with a banking and financial services holding company on behalf of the new owner.

“The Westin provides further evidence to the robust investor demand for hospitality assets in the Tampa Bay market,” Peek said. “Like several markets in the Southeastern US, Tampa's economic expansion continues to be strong, perhaps best reflected in the performance of the region's hotel sector over the past 24 months.”

Opened in 1987, the hotel features 299 guest rooms, which includes 19 suites. There is 17,432 square feet of meeting space, a heated outdoor pool, a fitness studio and sweeping water views.

“The Tampa hospitality market continues to attract high-quality institutional interest from groups like Walton Street Capital,” says Reid. “With relatively muted new supply, a robust convention calendar and marquis events such as the 2017 College Football Playoff National Championship, on the horizon, the market shows little signs of slowing.”

Located at 725 South Harbour Island Boulevard, the hotel is proximate to transient and corporate demand generators, which provide a base for healthy year-round operating fundamentals, including Downtown Tampa, Amalie Arena, Florida Aquarium, historic Ybor City, the Channel District and numerous museums and sporting venues. The hotel is next to the Tampa Convention Center and the planned $2 billion, six million-square-foot, mixed-use office, retail, and multifamily development Strategic Property Partners is executing.

“This is the third hotel financing we have arranged this year on trophy assets in downtown Tampa and Downtown Orlando totaling nearly $175 million,” says Weinberg. “The interest was strong from debt capital providers for all three despite the tightening of hospitality financing that is occurring nationally.”

In July, Hilton Tampa Downtown, a 520-room, full-service hotel in Downtown Tampa, FL, traded hands. The sale price: $101 million.