Renaissance Tampa International Plaza Hotel Sale Handled by the Plasencia Group
The Plasencia Group, a leading, privately-owned hospitality investment advisory firm, is pleased to announce the sale of the Renaissance Tampa International Plaza Hotel, located in the Westshore Business District of Tampa, Florida. The firm represented Braemar Hotels & Resorts (NYSE: BHR), a real estate investment trust based in Dallas, Texas, in the sale of the 293-room, AAA Four Diamond hotel. A partnership between Clearview Hotel Capital (“Clearview”), a Newport Beach, California-based private investment firm, and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) acquired the Renaissance, which leads Tampa hotels in Revenue Per Available Room (“RevPAR”). The Plasencia Group's Chief Executive Officer, Lou Plasencia, and Vice Presidents Joe Corcoran, Chris Plasencia, and Nick Plasencia advised the seller in this disposition.
“The sale of the Renaissance emphasizes the attractiveness of a quality asset and market in a high barrier-to-entry location for institutional investors like Clearview and Oaktree,” said Joe Corcoran.
“We are very pleased that we were able to assist our client in their portfolio realignment initiative,” commented Chris Plasencia. “We work on lodging investment projects across North America, but it's always particularly enjoyable facilitating a major hotel transaction in our hometown.”
Nick Plasencia added, “Clearview and Oaktree are expanding their presence in the Tampa Bay area at an ideal time. Tampa continues to rise in national prominence as a top real estate investment destination. The Renaissance is one of Tampa's premier hotels, and we're excited to see what its future holds.”
The Renaissance is proximate to Tampa International Airport, which is undergoing a billion-dollar expansion, and attached to the thriving International Plaza mall at the heart of Tampa's Westshore Business District, the largest aggregation of office space in Florida.
The Plasencia Group has successfully completed investment advisory and consulting engagements for more than 100 hotel and resort assets in Florida since it was founded in 1993. The firm has facilitated dispositions of more than 60 Marriott-branded hotels nationally.
About Braemar Hotels & Resorts
Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts. For more information, visit www.bhrreit.com.
About Clearview Hotel Capital
Headquartered in Newport Beach, California, Clearview Hotel Capital, LLC is a privately-held hotel investment and advisory company focused on acquiring and asset managing hotels in urban and unique locations. Founded in 2007 by Jon Kline, Clearview has acquired over $1.5 billion of hotels containing over 10,000 rooms. For more information, visit www.clearviewhc.com.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $121 billion in assets under management as of March 31, 2018.? The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities.? Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide.? For additional information, please visit Oaktree's website at www.oaktreecapital.com.
About The Plasencia Group
Founded in 1993, The Plasencia Group is a national hospitality sales, investment consulting and advisory firm with serving clients across the country. We provide a full range of value-added solutions to life insurance companies, banks and pension funds, and private owners of hotel and resorts throughout the United States, Canada, and the Caribbean. Our services include portfolio and individual asset strategy, hotel sales, asset management, hotel valuation, contract compliance, debt and equity placement, development services, and financial and strategic planning. The Plasencia Group takes pride in successfully serving our clients with ardent passion, providing direct access to high-level decision-makers, and providing the certainty of a thorough and professionally-orchestrated process. These three words: Passion, Access and Certainty, represent the basic tenets of our philosophy. Every member of the firm is dedicated to delivering for our clients with a personalized level of commitment that is unsurpassed in our industry. Our goal is to make this singular approach the appreciable difference that continuously drives clients to The Plasencia Group. For more information, visit www.TPGhotels.com
Vice President of Marketing & Partnerships
The Plasencia Group
T: 813-445-8277
E: [email protected]
W: http://www.tpghotels.com
