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Newbond Holdings has announced its acquisition of the Hotel Tampa Riverwalk, formerly the Sheraton Tampa Riverwalk Hotel, in collaboration with investment funds from Apollo (NYSE: APO). This 277-room hotel will undergo significant renovations, including a rebrand and a new waterfront restaurant, aiming to establish itself as downtown Tampa's premier urban waterfront resort. The property offers direct access to Riverwalk Boulevard, enhancing its appeal with outdoor amenities and meeting spaces.
Positive
Acquisition enables strategic repositioning of an irreplaceable waterfront asset.
Significant renovations planned to enhance guest experience and market appeal.
Direct access to Riverwalk Boulevard boosts tourism potential.
Negative
None.
The joint venture, the team’s second Tampa, Fla. hotel investment, focuses on repositioning an irreplaceable waterfront asset in dynamic downtown Tampa.
NEW YORK--(BUSINESS WIRE)--
Newbond Holdings, a vertically integrated real estate investment and operating platform, founded by Neil Luthra and Vann Avedisian, is proud to announce the acquisition of the Hotel Tampa Riverwalk, formerly known as the Sheraton Tampa Riverwalk Hotel, in partnership with investment funds managed by an affiliate of Apollo (NYSE: APO). The ownership team has selected Schulte Hospitality Group to run the day-to-day operations and management of the hotel.
The 277-room property, located on top of the Hillsborough River Riverwalk in downtown Tampa, Fla. was delivered unencumbered of the Sheraton flag and management, and will undergo an operational and namesake rebrand as Hotel Tampa Riverwalk. Ownership plans to implement a comprehensive renovation to guestrooms and public areas, as well as introduce a re-conceptualized waterfront restaurant, positioning the hotel to become downtown Tampa’s first premier urban waterfront resort.
The Hotel Tampa Riverwalk stretches across 200 feet of riverfront frontage and features an expansive outdoor pool, waterfront dining, and 12,000 square feet of meeting space. It is the only hotel with direct access to the Riverwalk Boulevard, a 3-mile pedestrian boardwalk that connects riverfront parks, restaurants, bars, museums, and businesses. Additionally, the hotel is located walking distance from 10 million square feet of CBD office space, the Tampa Convention Center, Amalie Arena, and Water Street Tampa, a transformational $3 billion, 53-acre redevelopment that has delivered 3,500 new residential units, an iconic cultural arts pavilion, 1 million square feet of retail and cultural spaces, and 2 million square feet of office space.
About Newbond Holdings
Newbond Holdings is a real estate investment and operating platform focused on debt and equity positions across multiple real estate product types with a hospitality focus as well as investments in related operating businesses and technology platforms. As a vertically integrated operating and investment platform, Newbond is uniquely positioned to create significant value beyond the typical investment process through creative structuring, operations and the development of single and multiple asset brands.
About Apollo
Founded in 1990, Apollo is one of the largest global alternative investment managers. As of March 2022, Apollo has $513 billion in AUM and over 2,000 employees, primarily based in New York, Los Angeles, Houston, London, Hong Kong, Singapore, and Mumbai. Apollo’s Real Estate platform is comprised of three strategies: equity, hybrid and yield. The firm’s global real estate business has doubled in AUM during the past five years and featured $55 billion in AUM in March 2022.
What is the significance of the Hotel Tampa Riverwalk acquisition by Newbond Holdings and Apollo?
The acquisition is significant as it aims to reposition the Hotel Tampa Riverwalk as downtown Tampa's first premier urban waterfront resort, enhancing its market presence.
What renovations are planned for the Hotel Tampa Riverwalk after its acquisition?
Planned renovations include a comprehensive update of guestrooms and public spaces, along with the introduction of a new waterfront restaurant.
How does the location of the Hotel Tampa Riverwalk affect its investment potential?
Its prime location on the Hillsborough River and proximity to attractions like the Tampa Convention Center and the $3 billion Water Street Tampa redevelopment enhance its investment appeal.
Who will manage the Hotel Tampa Riverwalk following its acquisition?
The day-to-day operations and management will be handled by Schulte Hospitality Group.
