Pyramid Global Hospitality Acquires The Westin Tampa Bay Hotel For $43.36M
7627 W Courtney Campbell CausewayTampa, FL 33607, USA
$43,360,000
Building Size
—
Asset Type
Hotel
Closing
Jul 9, 2023
About this deal
AI
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.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93