Downtown Tampa hotel sells for $45 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Nov 3, 2022

The Sheraton Tampa Riverwalk Hotel has sold for $45 million, according to Hillsborough County property records.

Record sales prices for hotels often don't reflect the entire value of the transaction, which typically includes furniture, fixtures and equipment. The seller, Fort Lauderdale-based InSite Group, paid a recorded price of $32.875 million in 2015, according to property records.

The new owner is a partnership of Newbond Holdings and Apollo Global Management. The same group bought the Westin Tampa Waterside on Harbour Island in 2021 for a recorded $67.5 million.

InSite Group spent $7 million remodeling the 277-key hotel, which includes 16 suites. The renovations updated guest rooms and added a new poolside bar to attract people from the Riverwalk.