Walton Street Capital provides $66 million acquisition loan for Tampa hotel purchase – Trade Observer
A joint venture between New bonds and Apollo secured $65.8 million in acquisition financing for the purchase of the Sheraton Tampa Riverwalk Hotellearned Commercial Observer.
Walton Street Capital provided the loan for the joint venture’s acquisition of the 277 Key Hotel in the Riverwalk area of downtown Tampa. Newbond and Apollo acquired the hotel asset for approximately $60 million from InSite Group, Real estate alert reported for the first time.
Newmark arranged the debt transaction with a team led by Dustin Stolly and Jordan Roschlaubnext to Nick Scribani, Christopher Kramer, Tyler Dumont and Holden Witkoff. The brokerage giant also facilitated the sale of the property, led by the accommodation capital markets team of Adam Etra, Marc Schoenholtz, Lawrence Wolfe and Miles Spencer.
Located at 200 North Ashley Drive, the property is the only hotel on the Hillsborough River with direct access to the Riverwalk. Its amenities include 11,500 square feet of meeting and banquet space, a full-service restaurant, outdoor pool and bar, and on-site parking.
Proceeds from the loan will also be used for planned capital improvements, including bedroom and bathroom upgrades, and the reconfiguration of the outdoor waterfront pool deck.
Officials at Walton Street Capital, Newbond and Apollo did not immediately return requests for comment.
Andrew Coen can be reached at [email protected].