The historic Floridan Palace Hotel in downtown Tampa has sold, announced the new owner, 1754 Properties on Friday.
The South Florida investment firm and owner of the TradeWinds Resort on St. Pete Beach bought the Floridan, located at 905 N. Florida Ave., in partnership with the New York-based Triangle Capital Group, according to property records.
1754 Properties also acquired the next door parking lot at 505 E. Taylor Street. The previous owners of the properties was Theros Parking and Antonakos Florida, both run by Antonios Markopoulos, according to state records.
The sales price of the 212-room hotel and the parking lot was not disclosed as of Friday afternoon. Markopoulos declined to comment. Officials with 1754 Properties did not respond beyond issuing a press release.
1754 Properties purchased the TradeWinds Island Beach Resort, its first investment in the Tampa Bay area, for $81 million in 2019.
The firm aims to revitalize the Floridan by hiring additional staff and reopening the restaurant and event space by the end of the year, according to a press release.
“We’ve had our eyes on the rapidly transforming NoDo market and are very excited to acquire one of Tampa’s most storied treasures, the Floridan Palace,” Alex Galewicz, a principal of 1754 Properties, said in a statement.
The Floridan is located in a north stretch of downtown Tampa, near the Straz Center for the Performing Arts and a growing number of restaurants, attractions and nightlife.
There are plans to “significantly upgrade” the dining experience, said Joe Kelly, head of management for 1754, in a statement. There are also plans to upgrade and renovate the hotel while honoring its history.
The Floridan opened in 1927 as Florida’s first skyscraper and was the tallest building in Tampa at approximately 240 feet tall until 1966, according to its website.
The hotel closed in 1989 due to safety concerns and was set to be demolished in 2005, but that never happened. Markopoulos bought the property for $2 million, according to county records, and renovated it. It reopened to the public in 2012.
In 1996, the Floridan was added to the National Register of Historic Places.
“We take such historical assets seriously and will be good stewards of the hotel’s intriguing past and its wonderful 1920s façade,” stated Joseph Smith, 1754′s founder.