Castlerock Asset Management Diversifies Hospitality Portfolio With the Acquisition of Westin Tampa Bay

Nashville's Premier Real Estate Development and Asset Management Firm Expands South of Tennessee With New Tampa Bay, Florida Project

USA, Tampa, Florida. July 03, 2019

Castlerock Asset Management announced today the acquisition of the waterfront Westin Tampa Bay, marking the fourth project from the Nashville-based real estate development group. Upon acquisition, Castlerock will begin a long-term investment that will bring Westin Tampa Bay to its fullest potential by the end of 2020.

"Tampa is bustling with fresh hospitality developments so it's a really exciting time and market for us to enter," said Vice President of Castlerock Asset Management Ray Waters. "We envision Tampa emerging into a vibrantly sought-after destination much like our home base Nashville and is the reason why we chose the Westin Tampa Bay as our first endeavor beyond our roots. We're also very much looking forward to growing our partnership with Westin Hotels & Resorts and bringing our unique vision to the local community through Westin's wellness lens."

The Westin Tampa Bay is a AAA Four Diamond hotel, and Castlerock's second Westin property, joining The Westin Nashville. Specializing in unique-and-distinctive commercial properties designed to enrich surrounding communities, Castlerock looks forward to infusing new energy into the local community while nurturing Westin Hotels & Resorts' core wellness mindset, premier amenities, elevated service and sophisticated ethos. Headquartered in the heart of Nashville, Castlerock brings a highly creative and sophisticated dynamic mindset to their distinctive portfolio which also currently includes the Bobby Hotel, The Westin Nashville and The Oak steakhouse.

About Westin Hotels & Resorts

About Castlerock Asset Management

Media Contact:

Lauren Kita
Senior Account Supervisor
J Public Relations
T: 619-255-7069
Follow us on Twitter:
Become a Facebook Fan:

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Coming up in October 2019...

Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.