Newbond Holdings, a real estate investment and operating platform, has acquired the Hotel Tampa Riverwalk, formerly known as the Sheraton Tampa Riverwalk Hotel, in partnership with investment funds managed by an affiliate of Apollo Global Management. The ownership team has selected Schulte Hospitality Group to run the day-to-day operations and management of the hotel.
The private equity firm purchased the property, no longer a Marriott hotel, for $45 million, according to the Tampa Bay Times. The seller, Fort Lauderdale-based InSite Group, paid $32.9 million for the 277-room hotel in 2015.
The 277-room property, located on top of the Hillsborough River Riverwalk in downtown Tampa, Fla., will get an operational and namesake rebrand as the Hotel Tampa Riverwalk. Ownership plans to renovate guestrooms and public areas and introduce a reconceptualized waterfront restaurant.
The Hotel Tampa Riverwalk has an 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. The hotel is located walking distance from 10 million square feet of central business district office space, the Tampa Convention Center, Amalie Arena and Water Street Tampa.