1. Business

Hilton in downtown Tampa has sold for $101 million

Built in 1982, the 18-story Hilton has a rooftop sun deck, an outdoor pool, a Starbucks and two restaurants. It last sold in 2012 for $63 million, when it was converted from a Hyatt.
Published Jul. 1, 2016

TAMPA — In one of Tampa Bay's largest-ever hotel transactions, the Hilton Tampa Downtown has sold for $101 million.

Only the Tampa Marriott Waterside and the Hilton Clearwater Beach have commanded higher prices.

CrossHarbor Capital Partners closed this week on buying the 520-room, full-service Hilton in the heart of downtown Tampa, according to the deed filed in Hillsborough County court records.

"I think the Hilton transaction represents further evidence that Tampa is a high-profile institutional market that attracts substantial investor interest," said Daniel Peek, senior marketing director of HFF, which handled the sale and financing.

The hotel at 211 N Tampa St. last sold in late 2012 for $63 million. The group that bought it then converted it from a Hyatt to a Hilton and spent millions of dollars on renovations.

Although the new owners may invest some additional money, "it's a well-renovated hotel that's not necessarily in need of a lot of work," Peek said, adding that it will remain a Hilton.

Built in 1982 on just over 5 acres, the 18-story Hilton has a rooftop sun deck, fitness center, heated outdoor pool, a Starbucks and two restaurants. It is near several "demand generators," including Tampa General Hospital, the cruise port and Amalie Arena, and is within walking distance of the planned $2 billion office, retail and residential development spearheaded by Tampa Bay Lighting owner Jeff Vinik.

HFF has handled numerous bay area hotel transactions, including last year's $134 million sale of the 416-room Hilton Clearwater Beach and this year's $21.25 million sale of the 261-room Sheraton Suites Tampa Airport Westshore.

The largest hotel transaction in Tampa Bay history was the $199 million sale of the Marriott Waterside Resort & Marina two years ago to Strategic Property Partners, a joint venture between Vinik and Cascade Investment LLC.

The Hilton sale comes as Tampa and Hillsborough County are enjoying a boom in tourism. Last year, a record 20.9 million people visited the county, pumping an estimated $3.5 billion into the local economy.

The Hilton deal is the second bay area property sale topping $100 million announced in the past two weeks. A Phoenix-based real estate investment trust bought the huge Amazon distribution center in Ruskin for $103.6 million in the largest industrial sale in bay area history.


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