Tampa, Fla. (June 4, 2018) – The Plasencia Group, a leading, privately-owned hospitality investment advisory firm, is pleased to announce the sale of the Renaissance Tampa International Plaza Hotel, located in the Westshore Business District of Tampa, Florida. The firm represented Braemar Hotels & Resorts (NYSE: BHR), a real estate investment trust based in Dallas, Texas, in the sale of the 293-room, AAA Four Diamond hotel. A partnership between Clearview Hotel Capital (“Clearview”), a Newport Beach, California-based private investment firm, and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) acquired the Renaissance, which leads Tampa hotels in Revenue Per Available Room (“RevPAR”). The Plasencia Group’s Chief Executive Officer, Lou Plasencia, and Vice Presidents Joe Corcoran, Chris Plasencia, and Nick Plasencia advised the seller in this disposition.
“The sale of the Renaissance emphasizes the attractiveness of a quality asset and market in a high barrier-to-entry location for institutional investors like Clearview and Oaktree,” said Joe Corcoran.
“We are very pleased that we were able to assist our client in their portfolio realignment initiative,” commented Chris Plasencia. “We work on lodging investment projects across North America, but it’s always particularly enjoyable facilitating a major hotel transaction in our hometown.”
Nick Plasencia added, “Clearview and Oaktree are expanding their presence in the Tampa Bay area at an ideal time. Tampa continues to rise in national prominence as a top real estate investment destination. The Renaissance is one of Tampa’s premier hotels, and we’re excited to see what its future holds.”
The Renaissance is proximate to Tampa International Airport, which is undergoing a billion-dollar expansion, and attached to the thriving International Plaza mall at the heart of Tampa’s Westshore Business District, the largest aggregation of office space in Florida.
The Plasencia Group has successfully completed investment advisory and consulting engagements for more than 100 hotel and resort assets in Florida since it was founded in 1993. The firm has facilitated dispositions of more than 60 Marriott-branded hotels nationally.