After being on the market for nearly six months, the 521-room Hyatt Regency in downtown Tampa is now under new ownership. Driftwood Hospitality Management LLC purchased the property for an undisclosed amount.
The acquisition marks Driftwood’s re-entry to the Tampa market; “We are excited to return to the Tampa market and believe this property is poised for success with terrific core offerings and a central location that appeals to business and leisure travelers alike,” said Mike Diaz, CEO of Driftwood Hospitality Management.
The Hyatt Regency is located at 211 North Tampa Street in downtown Tampa. The hotel features a full-service Avanzare restaurant and lounge, a heated outdoor pool, rooftop whirlpool, gift shop and fitness center. The 521-room hotel boasts 30,000 square feet of flexible function space and access to nearby beaches, golf courses, tourist attractions and local corporations.
The new owner plans on investing $13 million into property renovations, which are expected to commence within the coming weeks. As part of Driftwood’s planned renovation program, the company will reconfigure the hotel’s first floor, updating the lobby and restaurant. When complete, the location will be home to Tampa’s newest Starbucks and will feature a variety of other new amenities. Guestrooms and meeting spaces will also be refreshed in late 2013.
Effective immediately under Driftwood’s management, the Hyatt Regency Tampa will operate as Hotel Tampa – A Hilton Affiliated Property. Upon completion of the first phase of the renovation, which is slated for Q2 2013, the property will be reflagged as the Hilton Hotel Downtown Tampa.
Seller AREA Property Partners was represented in the transaction by Holliday Fenoglio Fowler’s Senior Managing Director Daniel Peek, Associate Directors Paul Hsu and Max Comess and Senior Real Estate Analyst Cyrus Vazifdar.