NEW YORK–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24hf&src=ctag” target=”_blank”gt;$hflt;/agt; lt;a href=”https://twitter.com/hashtag/CRE?src=hash” target=”_blank”gt;#CRElt;/agt;–Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed
the sale and arranged acquisition financing for the Hilton Tampa
Downtown, a 520-room, full-service hotel in the heart of downtown Tampa,
Florida.
HFF marketed the property on behalf of the seller, CrossHarbor Capital
Partners LLC. Walton Street Capital, L.L.C. purchased the asset.
Additionally, working on behalf of the new owner, HFF placed the
acquisition loan. In 2016, HFF brokered the sale and arranged
acquisition financing of Hilton Tampa Downtown for the seller, who
executed a multi-million-dollar property improvement plan that was
completed in 2017.
Hilton Tampa Downtown was built in 1982 and fully renovated when it was
converted from a Hyatt to a Hilton in 2013. The 18-story hotel features
a rooftop pool and amenity deck, 24-hour fitness center, executive
lounge, business center, 30,000 square feet of meeting space and three
food and beverage outlets: 211 Lounge, 211 Restaurant and a full-service
Starbucks. Situated on 5.6 acres at 211 North Tampa Street, the hotel is
proximate to several demand generators, including the University of
Tampa, Amalie Arena, Tampa General Hospital, the Florida Aquarium, the
Port Tampa Cruise Terminal and 9.7 million square feet of office space
in Tampa’s central business district. The hotel is also within walking
distance to Water Street, the $3-billion, 50-acre mixed-use office,
retail and multi-housing district now under construction that is being
developed by Tampa Bay Lightning NHL team owner Jeff Vinik in
partnership with Bill Gates’ Cascade Investments.
The HFF investment advisory team representing the seller was led by
senior managing director and head of HFF’s hotel group, Daniel C. Peek,
senior director Preston Reid and director Wyatt Krapf.
“It was a privilege to work with two great institutional investors on
this transaction and to continue our legacy of involvement with one of
the most significant hotels in the Tampa market,” Peek said.
“Tampa is no longer an up-and-coming city – it’s here,” Reid added. “The
amount of investment from world-class, institutional investors continues
to pour in for well-positioned, quality assets like the Hilton Tampa
Downtown.”
The HFF debt placement team representing the borrower was led by senior
managing director Michael Weinberg.
“There was strong interest in financing this asset due to the stellar
sponsorship, robust cash flow and tremendous location,” Weinberg said.
“This is Walton Street Capital’s second hospitality acquisition in
downtown Tampa, and it was a pleasure representing them again.”
In 2016, HFF closed the sale of and arranged financing for Walton Street
Capital’s acquisition of the Westin Tampa Harbour Island, a 299-room,
full-service hotel located along downtown Tampa’s waterfront on Harbour
Island.
About CrossHarbor Capital Partners LLC
CrossHarbor Capital Partners LLC is a Boston-based alternative
investment management firm that invests in core-plus, value-add, and
opportunistic commercial real estate transactions. The firm seeks short
and medium duration debt and equity investments that offer a compelling
case for generating high absolute returns. CrossHarbor emphasizes
investment strategies rooted in property-level operational enhancements
as well as those with pricing advantages that arise from distressed,
complex, and dislocated scenarios. CrossHarbor was founded in 1993 by
Samuel T. Byrne and William H. Kremer and has invested in more than $13
billion of commercial real estate on behalf of a diversified and highly
regarded group of endowments, foundations, public and corporate pension
plans, financial institutions, family offices, and sovereign entities.
For more information, visit www.crossharborcapital.com.
About Walton Street Capital, L.L.C.
Walton Street Capital, L.L.C. is a private equity real estate investment
firm. Since its founding in 1994, affiliates of Walton Street Capital
have received total equity and loan commitments of approximately $12
billion from public and corporate pension plans, foreign institutions,
insurance companies and banks, endowments and foundations, trusts and
high net worth individuals. Affiliates of Walton Street Capital have
invested and/or committed to invest over $10 billion of equity in more
than 350 separate transactions. Visit https://www.waltonst.com
to learn more.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading
provider of commercial real estate and capital markets services to the
global commercial real estate industry. HFF, together with its
affiliates, offers clients a fully integrated capital markets platform,
including debt placement, investment advisory, equity placement, funds
marketing, M&A and corporate advisory, loan sales and loan servicing.
HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities
Limited are owned by HFF, Inc. (NYSE: HF). For more information, please
visit hfflp.com
or follow HFF on Twitter @HFF.
Contacts
DANIEL C. PEEK
FL Lic. #SL3230371
HFF Senior Managing
Director
(212) 245-2425
[email protected]
MICHAEL WEINBERG
FL Lic. #SL3133790
HFF Senior Managing
Director
(407) 745-3914
[email protected]
PRESTON REID
HFF Senior Director
(813) 387-9905
[email protected]
WYATT KRAPF
HFF Director
(813) 387-9909
[email protected]
KIMBERLY STEELE
HFF Digital Content/Public Relations
Specialist
(713) 852-3420
[email protected]
