Downtown Tampa hotel under contract to be sold
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jul 29, 2016

One of the biggest hotels in Tampa's urban core is expected to sell in the coming months.

The Westin Harbour Island, which has 299 rooms and 18,000 square feet of meeting space, is said to be under contract to Walton Street Capital, according to real estate sources who asked not to be named because of the sensitivity of the deal. A spokesman for Walton Street, a Chicago-based private equity firm, was not immediately available for comment Friday afternoon.

Walton Street previously owned The Vinoy Renaissance St. Petersburg Resort and Golf Club, purchasing the property in 2005 and selling it in 2007.

The Westin, owned by Blackstone Group, was on the market in 2015 and said to be under contract then, though a deal never came to fruition.

The property is expected to command a large price per key. Some speculate it will fetch at least $60 million or $200,000 per room - an especially impressive number given that the property is in need of renovations.

The Hilton Tampa Downtown, which has more than 500 rooms, sold recently for $101 million or $194,000 per door.

In 2014, Strategic Property Partners, the real estate development company controlled by Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC, paid $199 million or $277,000 per room for the Tampa Marriott Waterside.

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