Tampa, Fla. (October 3, 2014) – The Plasencia Group is pleased to announce the sale of the Tampa Marriott Waterside Hotel & Marina, located in Tampa, Florida. The firm exclusively represented the owner, HMC Hotel Development LP, an affiliate of Host Hotels & Resorts, in the sale. The 719-key hotel, located in Tampa’s Channelside District, sold for $199 million.
“Host Hotels has been an excellent steward of the Tampa Marriott Waterside since 2000 when the hotel was built as a catalyst for economic development,” said Lou Plasencia, CEO of The Plasencia Group. “The community is fortunate to now have a thoughtful group of investors in Jeff Vinik and Cascade Investments taking ownership. Their vision to create a complete destination in downtowm Tampa for locals and visitors alike will allow the Marriott to truly fulfill its original purpose.”
The Marriott Waterside is the largest hotel in the Tampa Bay region. It is strategically located adjacent to the Tampa Convention Center. Recognized as a rapidly improving hotel market, Tampa is projected to achieve some of the highest gains in RevPAR in the nation in the coming years.