HFF Arranges Sale and Financing for Hilton Tampa Downtown Hotel

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. July 06, 2016

TAMPA, FL. July 6, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 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, a partnership between Driftwood Hospitality Management, LLC and H.I.G. Realty Partners. CrossHarbor Capital Partners LLC purchased the asset. Additionally on behalf of the new owner, HFF placed the floating-rate acquisition loan with a banking and financial services holding company.

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 sundeck, fitness center, executive lounge, business center, heated outdoor pool and spa, 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 Amalie Arena, Tampa General Hospital, Historic Ybor City, the Florida Aquarium, Port of Tampa Cruise Terminal, Raymond James Stadium and 9.7 million square feet of office space in Tampa's central business district. The hotel is within walking distance to the planned $2 billion, six million-square-foot, mixed-use office, retail and multi-housing development being executed by Strategic Property Partners, a real estate development firm, which includes Jeff Vinik and Bill Gates' Cascade Investments.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF's hotel group, Daniel C. Peek and associate directors Preston Reid and Alexandra Lalos.

The HFF debt placement team representing the borrower was led by managing director Michael Weinberg.

HFF's Hotel Team continues to be extremely active throughout the state of Florida, having closed 56 hotel-related transactions in the last 24 months, including Hilton Clearwater Beach, La Playa Beach & Golf Resort, Naples Grande Beach Resort, Sheraton Sand Key Resort, Embassy Suites Downtown Orlando, Hilton Key Largo and, locally in Tampa, the Sheraton Tampa Riverwalk Hotel and the Sheraton Suites Tampa Airport Westshore.

About Driftwood Hospitality Management, LLC

Driftwood Hospitality Management is a leading hotel management company currently operating approximately 40 hotels with more than 8,000 rooms throughout the United States and Costa Rica. The company's portfolio includes a broad cross-section of branded hotels ranging from large full-service to mid-size, extended stay and limited-service properties, as well as independent hotels, boutiques and resorts. Members of the company's senior management team have an average of 20 years of experience in all segments of the lodging industry and have proven highly successful in the development of new hotels and hotel takeovers, as well as re-positioning and optimization of hotel operations. Driftwood has extensive management experience and relationships with most major brands, including Hilton Worldwide, Marriott International, Starwood Hotels & Resorts Worldwide, InterContinental Hotels Group, Inc., Choice Hotels International, Inc. and Wyndham Worldwide, and has successfully cultivated long-term relationships with some of the most renowned institutional investors and banking institutions in the world. Learn more at www.driftwoodhospitality.com.

About H.I.G. Realty Partners

H.I.G. Realty Partners makes opportunistic investments in small to mid-sized real estate assets across all property types located in the United States and Europe, with a specific focus on special situations. H.I.G. Realty Partners is an affiliate of H.I.G. Capital, LLC, a leading global private equity investment firm with over $20 billion of equity capital under management. For more information, please visit http://higrealty.com/.

About CrossHarbor Capital Partners LLC

CrossHarbor Capital Partners LLC (CrossHarbor), based in Boston and with offices in Newport Beach, is an 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 was founded in 1993 and has invested in more than $12 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 HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.