Tampa, Fla. (September 28, 2021) – The Plasencia Group, a leading lodging investment advisory and consulting firm, advised Walton Street Capital, a private equity real estate investment firm based in Chicago, in the sale of the Westin Tampa Waterside, a 309-room, 12-floor hotel located on Tampa’s coveted Harbour Island. Newbond Holdings, a private real estate investment company based in New York City, acquired the hotel.
The Plasencia Group’s Chief Executive Officer, Lou Plasencia, and Managing Directors Nick Plasencia and Chris Plasencia represented the seller in the transaction, the latest in the firm’s string of successful sales and refinancings of Florida hotels and resorts in the last several months.
“The Westin is one the best situated hotels in Tampa. Its guests enjoy the hotel’s proximity to the exciting Water Street development, Downtown Tampa’s Amalie Arena, the Tampa Convention Center, and the bustling Riverwalk,” commented Nick Plasencia. He added, “The Tampa market has been one of the most resilient lodging markets in the country since the pandemic began.”
Chris Plasencia added, “Walton Street took advantage of that market strength and resiliency and exited the Westin at a significant premium to their all-in basis from their 2016 acquisition. They have generated very attractive returns for their investors despite the effects of the pandemic. At the same time, the hotel’s new owners will continue to enjoy the benefits of the hotel’s recent renovations, highly desirable Westin flag, and enviable waterfront location. It is a win-win for seller and buyer.”
The Plasencia Group has successfully facilitated well over one hundred lodging sales in Florida alone, representing every brand family and asset type across each major market in the Sunshine State over its three decades in business.