HFF Arranges Sale, Financing for Tampa Trophy Asset

HFF represented both the seller and the buyer in the sale of the historic Westin Tampa Harbour Island hotel.

By Robert Demeter

Westin Tampa Harbour Island
Westin Tampa Harbour Island

Tampa, Fla.HFF has recently arranged acquisition financing for Westin Tampa Harbour Island, a 299-key, full-service hotel located along downtown Tampa’s waterfront, on Harbour Island.

HFF marketed the property on behalf of the seller and represented the buyer, affiliates of Walton Street Capital, which acquired the 100 percent fee-simple interest in the property. Additionally, HFF placed a floating-rate acquisition loan with a banking and financial services holding company on behalf of the new owner. The sale price was undisclosed.

The investment sales team representing the seller was led by Daniel Peek, senior managing director & head of HFF’s hotel group, and Associate Directors Preston Reid and Alexandra Lalos. The HFF debt placement team representing the borrower was led by Managing Director Michael Weinberg.

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

Outdoor Swimming Pool
Outdoor Swimming Pool

Westin Tampa Harbour Island is located at 725 S. Harbour Island Blvd., adjacent to the Tampa Convention Center and the planned $2 billion, 6 million-square-foot mixed-use project being developed by Strategic Property Partners. The hotel is also in close proximity to downtown, Amalie Arena, Florida Aquarium, the historic Ybor City, the Channel District and numerous museums, restaurants and retail options.

Originally opened in 1987, the centrally located hotel features 19 suites with luxury amenities such as a heated outdoor pool, a fitness center, 17,432 square feet of meeting space, as well as unique water views.

Westin Tampa Harbour Island will be managed by HEI Hotels & Resorts.

Photos courtesy of Westin Tampa Harbour Island website