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Former Sheraton hotel on Tampa’s Riverwalk sells for $45M

A New York private equity firm purchased the hotel, which is no longer a Marriott property.
The Sheraton Tampa Riverwalk Hotel, shown here in 2015, has sold to an arm of New York's Apollo Global Management for $45 million.
The Sheraton Tampa Riverwalk Hotel, shown here in 2015, has sold to an arm of New York's Apollo Global Management for $45 million. [ Times (2015) ]
Published Nov. 3|Updated Nov. 4

One of the largest hotels on Tampa’s Riverwalk is changing hands.

The Hotel Tampa Riverwalk, formerly known as the Sheraton Tampa Riverwalk Hotel, has been sold to a partnership between real estate investors Newbond Holdings and Apollo Global Management, a New York firm with more than $500 billion in assets under management, for $45 million, according to a deed filed in Hillsborough County.

The seller is the InSite Group, a Fort Lauderdale firm whose hotels also include properties in Orlando and South Florida. InSite paid $32.9 million for the 277-room hotel in 2015.

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It’s the second hotel in the downtown Tampa area acquired by the Newbond-Apollo group. Last year, the investors paid $67.5 million for the Westin Tampa Waterside.

As recently as last week, the hotel was still listed as a Sheraton property on Marriott’s website, according to the Internet Archive. That is no longer the case, as search engine links to the hotel’s Marriott page no longer work.

Calls and emails to Apollo, InSite, Marriott and the hotel were not returned Wednesday and Thursday.

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