InterContinental Hotel in Tampa's Westshore sold for $40.2 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 28, 2015

Arden Group paid $40.2 million or roughly $124,500 per room for the InterContinental Tampa in the city's Westshore business district.

The sale was announced Jan. 21, though a purchase price was not disclosed. Arden plans to invest $7 million in renovations to the 323-room hotel, which is between office buildings Urban Centre One and Urban Centre Two at the intersection of West Kennedy and South West Shore boulevards.

Tampa-based Plasencia Group represnted the seller, a joint venture of funds managed by Oaktree Capital Management LP and Lowe Enterprises.

"Arden Group is now acquiring the hotel at most propitious time for Tampa," CEO Lou Plasencia said in a written statement.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.