Lowe officials couldn't be reached by GlobeSt.com's publicationdeadline to confirm the estimated sales price or the company'snear-future plans for the property. However, in a preparedstatement, Bleecker Seaman, managing director, Lowe EnterprisesInvestors, says his company plans to invest another $21 million "tocompletely renovate and upgrade the appearance and systems,creating a luxury hotel experience."

In the same statement, Bernard N. Siegel, executive vicepresident, Lowe Hospitality Group and senior vice president, Lowe'sDestination Hotels & Resorts, says the company also plans toadd 4,370 sf of corporate meeting and special events space to theexisting 12,500 sf of meeting space. The renovations are expectedto be completed by September 2007.

Lowe Enterprises Investors bought the hotel for its subsidiary,Lowe Hospitality Investment Partners which Seaman says is a$266-million discretionary fund that invests solely in hotel andresort properties. A Tampa hospitality industry source tellsGlobeSt.com the estimated $39-million sales price may be aconservative number.