Apollo Global Management Inc. and real estate investor Newbond Holdings are exploring the sale of the Westin Tampa Waterside.
(Bloomberg) — Apollo Global Management Inc. and real estate investor Newbond Holdings are exploring the sale of the Westin Tampa Waterside.
The partners have begun reaching out to potential buyers through brokers Jones Lang LaSalle Inc. and the Plasencia Group, according to people familiar with the matter, who asked not to be identified discussing confidential information. The property could fetch more than $150 million, the people said.
A sale at that price would mark a quick profit for the firms. The partners acquired the 309-room hotel in September 2021 for about $100 million in a bet on the resurgence of the market, according to a person familiar with the matter.
An Apollo spokesperson declined to comment. Representatives for Newbond, JLL and Plasencia didn’t immediately respond to messages seeking comment.
While urban hotels have been slow to recover from the early days of the pandemic, Sun Belt markets have been bucking the trend. Tampa, Florida, was the only large US lodging market to surpass 80% occupancy for the week ending Feb. 11, according to data provider STR.
The property is across Garrison Channel from Water Street Tampa. The mixed-use project, with walkable streets between homes, offices and stores, was developed by Strategic Property Partners, a partnership between Bill Gates’ Cascade Investment and Jeff Vinik.
The hotel has an “irreplaceable urban waterfront location in a high barrier-to-entry market with attractive long-term demand growth, and highly favorable demographic trends,” Newbond co-founder Vann Avedisian said in 2021 when the companies purchased the hotel.
Newbond and Apollo last year expanded their bet on Tampa, acquiring the Hotel Tampa Riverwalk.
–With assistance from Patrick Clark.
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