Tampa, Fla. (June 2, 2023) The Plasencia Group is pleased to announce the sale of The Westin Tampa Bay, located in Tampa, Florida. The 16-story, 252-room hotel enjoys a spectacular waterfront setting on Tampa Bay within the Rocky Point submarket. The Plasencia Group represented the seller, an affiliate of Nashville-based Castlerock Asset Management, in the sale to an affiliate of Boston-based Pyramid Global Hospitality. Managing Directors Nick and Chris Plasencia in The Plasencia Group’s Tampa headquarters handled the transaction.
Opened in 2009, the Westin, a AAA Four Diamond waterfront property, sits within the confines of Tampa’s top economic engine, the Westshore Business District, and just 30 minutes from famed St. Pete and Clearwater Beaches. Top-ranked Tampa International Airport, in the midst of a multibillion-dollar expansion, is situated less than two miles to the east. The hotel boasts panoramic views of Tampa Bay–stretching from the Downtown Tampa skyline to the east and Downtown St. Petersburg to the west–from its popular BluVue Rooftop event space.
Nick Plasencia commented, “The Tampa market has carved out a new identity in the post-pandemic era and really captured the nation’s attention.”
“High-quality waterfront hotels such as the Westin Tampa Bay, with exposure to leisure, corporate, and group demand, are poised to outperform. We’re excited to see what the purchaser has in store for the hotel,” added Chris Plasencia.
The sale of The Westin Tampa Bay continues The Plasencia Group’s recent history of successful dispositions throughout the Sunshine State’s most active lodging markets, having amassed over 100 engagements statewide and dozens in the Tampa Bay region alone since the firm‘s inception.
About The Plasencia Group
The Plasencia Group is a full-service lodging investment advisory firm offering transaction services, capital markets, owner representation, and development management consulting services to hotel and resort owners throughout North America. The firm has completed some of the most notable transactions across North America since it was founded in 1993.