Tampa Hotel Lands $54M Loan
- Mar 07, 2019
A joint venture between Crescent Real Estate and affiliates of the Arden Group have received $53.5 million to recapitalize The Westshore Grand, a 325-key full-service hotel in Tampa, Fla. PCCP LLC provided the senior loan.
Located at 4860 W. Kennedy Blvd., in the center of Tampa’s Westshore Business District, the hotel represents one part of the Urban Centre mixed-use complex, which offers more than 550,000 square feet of Class A office space owned by Starwood.
“This ideally located hotel was recently reflagged to a Tribute Portfolio Hotel and offers renovated rooms and common areas that distinguish themselves from a number of nearby hotel offerings,” John Randall, PCCP’s partner, said in a prepared statement.
Constructed in 1984, the hotel is flush with amenities, including 14,321 square feet of meeting/event space with a 5,046-square-foot ballroom, a grab-and-go Illy Café, a Shula’s Steakhouse and a rooftop pool. There’s also a fitness center and an attached 247-space parking garage.
Beginning in 2015, ownership conducted a major capital improvement program and rebranded the hotel into a Tribute Portfolio Hotel. Renovations included upgrades to the fitness center, the addition of two guest rooms and improvements to the guest rooms, lobby, corridors and bar/lounge area.
A hotbed of activity
The Westshore Grand is close to Tampa International Airport and the submarket it’s situated in boasts a large concentration of office space in the state of Florida with 12.8 million square feet home to nearly 4,000 businesses, 93,000 employees and 5,000 residents.
Among the businesses in the area are lBM, New York Life Insurance, PwC, Bloomin’ Brands, Bristol Myers Squibb, Gerdau Ameristeel and Humana.
Also nearby are Raymond James Stadium, Busch Gardens, and the University of South Florida.
Earlier this month, PCCP LLC provided a $152 million senior loan for the recapitalization and lease-up of 41 Flatbush Ave., 270,000-square-foot, 10-story office building in downtown Brooklyn.
Image courtesy of PCCP