Castlerock Asset Management has acquired The Westin Tampa Bay in Florida from locally based Impact Properties. The Nashville, Tenn.-based privately held real estate development group plans to invest in the property to raise its market potential with an improvement program slated for completion by year's end 2020.
The 16-story, 244-room Westin Tampa Bay marks Castlerock’s fourth property, third hotel, second Westin and first location outside of Nashville. Its portfolio also includes The Westin Nashville, the Bobby Hotel and the Oak Steakhouse Nashville.
“Tampa is bustling with fresh hospitality developments so it’s a really exciting time and market for us to enter," said Ray Waters, Castlerock’s VP. “We envision Tampa emerging into a vibrantly sought-after destination much like our home base Nashville and is the reason why we chose the Westin Tampa Bay as our first endeavor beyond our roots."
Impact Properties developed the hotel, which opened in 2009, and has been its sole owner for the past decade.
The hotel is located on the waterfront of Rocky Point, a lodging, office and residential destination within the Westshore Business District in Tampa. It includes more than 10,000 square feet of meeting space, a waterfront seafood restaurant, a Starbucks, a fitness center and an indoor heated pool.
The Plasencia Group represented Impact Properties in the hotel's sale to Castlerock. The purchase price was not disclosed.