TAMPA - The 444-room Grand Hyatt Tampa Bay and 266,000-square-foot Bayport Plaza, both in the Rocky Point area near Tampa International Airport, have sold to a South Florida firm for an undisclosed amount.
“We are bullish on Tampa’s long-term prospects, given the market’s business friendly dynamics and solid economic growth,” said Jason Isaacson, president of IP Capital Partners, which bought the two properties along with an unidentified institutional partner.
The Grand Hyatt has nearly 33,000 square feet of meeting space, three food and beverage outlets, two tennis courts, an outdoor pool and a 24-hour fitness center. Bayport Plaza offers unobstructed views of Tampa Bay and features a tenant roster that includes several Fortune 500 and global companies.
The professional services firm JLL arranged the sale and financing. “Business and leisure travel to Tampa remains strong,” said Preston Reid, JLL senior director. “The Grand Hyatt Tampa Bay will continue to benefit from a robust travel and tourism industry, which includes a $2.64 billion airport expansion and an increasing number of direct flights to the market. Bayport plaza is a high-quality office complex.'’
Last month, the 244-room Westin Tampa Bay hotel in the Rocky Point area sold for $57.6 million.