Highland's net investment will equate to approximately $124,000 per room. Highland purchased the asset from RLJ Development, LLC, and will assume a $17.0 million mortgage loan on the asset as part of the total consideration. Crestline Hotels & Resorts, Inc., a leading hotel management company, will manage the hotel.
James L. Francis, President and CEO stated, “We are excited about our purchase of the Hilton Tampa Westshore property. The hotel recently completed a rooms and lobby renovation and should be well positioned in the Tampa airport market. In addition, the hotel's close proximity to a variety of stable demand generators should help this property produce consistent returns for Highland.”
The 238-room Hilton Tampa Westshore hotel is located approximately five minutes from the Tampa International Airport. The hotel is situated within the Westshore business district that contains several corporations including Bank of America, Outback Steakhouse, Inc. and Atex Media. The market area also consists of other demand generators such as Raymond James Stadium (home of the National Football League's Tampa Bay Buccaneers) and an upscale retail market offering such stores as Neiman Marcus, Nordstrom, Tiffany's and over 200 specialty stores. The hotel features approximately 12,000 square feet of meeting space and features such amenities as a landscaped gazebo area with a large heated pool, a lighted tennis court, a newly designed concierge lounge and shuttle service to the airport.
Highland Hospitality Corporation is a newly formed, self-advised lodging real estate investment trust, or REIT, focused on hotel investments primarily in the United States. With the acquisition of the Hilton Tampa Westshore property, the Company now owns six hotel properties with an aggregate of 1,567 rooms in four states.