Iconic Floridan Palace Hotel in downtown Tampa sold
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 11, 2021

The historic Floridan Palace Hotel in downtown Tampa has sold to a new owner for $22.5 million.

1754 Properties, which has offices in South Florida and Mexico City, closed on the property on Oct. 7, according to Hillsborough County property records. 1754 said in a news release that it acquired the hotel in partnership with Triangle Capital Group and that its purchase also includes a .75-acre lot at 505 E. Taylor St.

A corporate entity linked to 1754 Properties obtained a $42 million mortgage secured by the hotel from Synovus Bank, according to property records. Joseph Smith, head of management for 1754, said in a statement that a “significant renovation” is planned for the hotel, which property records show was built in 1923. It was the tallest building in Florida at the time, standing 240 feet high.

The Floridan was placed on the national register of historic places in March 1996. The hotel had sat vacant for decades when developer Antonios Markopoulos bought it in 2005 for $6 million, according to property records.

“We take such historical assets seriously and will be good stewards of the hotel’s intriguing past and its wonderful 1920s façade,” Smith said in a statement.

The Floridan has remained largely off the radar, even as downtown Tampa’s hospitality market has flourished in recent years. Without a prominent hotel flag — it is a BW Premier property with Best Western — the hotel hasn’t been a viable option for corporate travelers.

1754, which also owns the TradeWinds Island Resort in St. Pete Beach, said it plans to reopen the hotel’s restaurant by the end of the year and hire dozens of new employees.

“We are incredibly excited about the location and management team here, as well as the opportunity to continue to grow our footprint throughout Florida,” Michael Dornbusch, Triangle Capital Group vice president, said in a statement. “The transformation of this property will fill an underserved gap in the market and benefit the entire neighborhood.”