Arden Group Buys Tampa Hotel, Plans Renovation

TAMPA, FL—Philadelphia-based Arden Group has acquired the InterContinental Hotel Tampa Westshore here and plans to undertake a $7-million renovation at the property.

The 323-room hotel was purchased by Arden's discretionary fund affiliate Arden Real Estate Partners II, LP. No purchase price was disclosed. The sale was facilitated by the Plasencia Group headquartered in Tampa Bay.

The hotel features more than 14,000 square feet of meeting space and has such amenities as a rooftop pool, spacious atriums and courtyards, fully equipped fitness center and business center, as well as onsite dining options including Don Shula's Steakhouse and No Name Lounge.

Craig A. Spencer, CEO of Arden Group says of the firm's latest purchase, “We are pleased to have acquired this quality full-service hotel at a time when the market has clearly rebounded and is poised for continued growth. We are able to provide a solid financial platform for the property, as well as the necessary funding for renovations that will position the property with the premier hotels in the Westshore market.”

He adds that Arden Group will close next month on a to-be-announced sixth hotel purchase in the last two years.

Arden Group vice president of acquisitions, Rene' Bardel is a former chairman of Tampa's tourism and convention bureau and served as general manager of this hotel when it was the Sheraton Grand. He says of the deal, “We are thrilled to be re-engaged with the Tampa Bay community and this great hotel.” He notes that the combination of no new full service hotel supply planned for this submarket and hotel performance surpassing the prior 2007 peak and the $100 mark in RevPAR makes it a great time to invest in the Westshore region.

HEI Hotels & Resorts of Norwalk, CT has been selected to manage the hotel along with Arden's asset management team.