Tampa, Fla. (January 26, 2015) – The Plasencia Group is pleased to announce the sale of the InterContinental Tampa Westshore in Tampa, FL. The firm represented funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Lowe Enterprises, the joint venture owners of the 323-room hotel. The Arden Group, headquartered in Philadelphia, acquired the luxury property which will continue to carry the InterContinental brand.
According to Dennis Reed, Senior Vice President of The Plasencia Group’s Southeast Region, “The InterContinental, located in Tampa’s Westshore submarket, is a well-positioned property known for providing a high level of service. We expect Arden Group to deploy strategic capital to continue that legacy and enhance the guest experience.” Mr. Reed led the disposition team for The Plasencia Group.
Lou Plasencia, Chief Executive Officer of the Plasencia Group, was actively involved in completing the transaction. “Both Oaktree and Lowe Enterprises have benefitted from Westshore’s strong growth during their tenure as owners. Arden Group is now acquiring the hotel at most propitious time for Tampa,” said Mr. Plasencia.
The Intercontinental Tampa Westshore will be managed by an affiliate of HEI Hotels & Resorts, based in Norwalk, CT. HEI currently owns and operates more than 40 properties throughout the United States.