Sheraton Riverwalk Tampa sold for $32.8 million

For the second time in as many weeks, a waterfront hotel in downtown Tampa has a new owner, according to the Tampa Bay Business Journal.

Sheraton Riverwalk Tampa has been sold to a South Florida group for $32.8 million, according to Hillsborough County property records. The buyer is a corporate entity linked to Insite Group, a hotel investment firm based in South Florida, though Insite's exact role in the deal could not be immediately confirmed. The deed was filed Friday.

Renovations are standard in the hotel industry when a property changes hands, though Sheraton announced in early 2014 it had completed a multimillion-dollar renovation. A representative from Insite who could comment on the deal was not immediately available Monday.

The price breaks down to $118,682 per key for the 277-room Sheraton, which includes 16 suites and was built in 1968. It also has 12,000 square feet of meeting space.

At 200 N. Ashley Drive, the Sheraton is directly adjacent to the Aloft Tampa Downtown Hotel, which sold for $27 million on Nov. 13.

A subsidiary of Goldman Sachs Group took title to the Sheraton in 2012 via deed in lieu of foreclosure. Crescent Hotels & Resorts paid $33.7 million for the hotel in September 2007, according to property records. After turning the property over, Crescent stayed on as the property manager.

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