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Pyramid Global Hospitality Acquires The Westin Tampa Bay Hotel For $43.36M

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SOLD
$43,360,000

Florida

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Hotel
Sold 07/09/2023
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SOLD

Pyramid Global Hospitality Acquires The Westin Tampa Bay Hotel For $43.36M

7627 W Courtney Campbell CausewayTampa, FL 33607, USA

See Similar Deals
Hotel
Sold 07/09/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Hotel
Transaction Type:Sale

The Westin Tampa Bay hotel, located at 7627 Courtney Campbell Causeway in Tampa, has been sold to Pyramid Global Hospitality for $43.36 million. The 244-room hotel, situated in Tampa's Rocky Point neighborhood, was previously owned by Castlerock Asset Management. This transaction marks a significant decrease in the sale price compared to its previous purchase in 2019.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $43,360,000
  • Address: 7627 Courtney Campbell Causeway - The Westin Tampa Bay
  • Market: Tampa

Warren Fields, representing Pyramid Global Hospitality, acted as the buyer in this deal. On the other hand, Castlerock Asset Management served as the seller. With the acquisition of The Westin Tampa Bay, Pyramid Global Hospitality expands its already extensive portfolio of hospitality properties.

Players

WF
Warren Fields
3 deals$269.2M volume
BUYER

Details

SOLD
IMAGE: Warren Fields DATE: 07/09/2023 ADDRESS: 7627 Courtney Campbell Causeway - The Westin Tampa Bay MARKET: Tampa ASSET TYPE: Hotel BUYER: Pyramid Global Hospitality - Warren Fields SELLER: Castlerock Asset Management SALE PRICE: $43,360,000 KEYS: 244 ~ PPK: $177,705 NOTE: Pyramid Global Hospitality has bought The Westin Tampa Bay hotel for $43.36 million, paying around $14 million less than its previous sale price in 2019. The 244-room hotel, located in Tampa's Rocky Point neighborhood, expands Pyramid's portfolio of hospitality properties.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,312,533.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$154,048.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$205,548.52
Annual Debt Service$2,466,582.25