The InterContinental Tampa hotel has changed hands and will become the Paramount.
The hotel was bought by Tribute Portfolio, a subsidiary of Starwood Hotels and Resorts Worldwide Inc., the company announced Wednesday.
"Having recently been voted one of the top 10 'best cities for young entrepreneurs,' Tampa's focus on nurturing a millennial business community makes the city a prime market for an independent-minded brand like Tribute Portfolio," said Allison Reid, a senior vice president of North America Development for Starwood Hotels & Resorts.
In addition to a new name, the hotel's lobby, hallways and 323 guest rooms and suites are under renovation until November. Next summer, the Paramount will also unveil remodeled meeting spaces. The hotel, located at 4860 W Kennedy Blvd. in the West Shore area, will remain open during renovations.
Starwood launched the Tribute Portfolio brand last year as a line of boutique resorts and "upper upscale hotels with an indie spirit." With locations already in California and in Nevada, it is expanding in Florida with new properties to come in Fort Lauderdale, Coral Gables and Sarasota, the company said.