Rockpoint and Newbond Holdings Acquire the Westin Tampa Waterside in Florida
Rockpoint, a Boston-based real estate private equity firm, and Newbond Holdings, a real estate investment and operating platform, announced the acquisition of the Westin Tampa Waterside, the only hotel located on Harbour Island in Tampa, Florida. Financial terms of the transaction were not disclosed.
The 1.5-acre property is situated within the heart of downtown Tampa's vibrant waterfront community within walking distance of the Tampa Convention Center, Water Street District, Sparkman Wharf and the University of Tampa, and close to the Tampa Riverwalk. The hotel is also a short drive from Tampa International Airport, Port Tampa Bay and Raymond James Stadium.
"We believe the Tampa market continues to exhibit strong economic indicators overall, and has diverse demand drivers driven by tourism, conventions, local employers, colleges, and nearby sports venues," said Dan Domb, Managing Member and COO at Rockpoint. "With limited new competitive supply in the market, and the long-standing reputation of Marriott's Westin brand, we are excited to lead this next chapter of ownership of the Westin Tampa Waterside."
The Westin Tampa Waterside has been a destination for travelers visiting the city for more than four decades. The property's 309 guestrooms feature panoramic views of downtown Tampa, and guests can enjoy an expansive fitness studio, heated outdoor pool, multiple dining and bar options, and meeting and social event space. This investment includes plans to renovate guest rooms, as well as the hotel's lobby and meeting space.
"Since our prior initial acquisition of the property we've experienced exceptional demand in the downtown Tampa hotel market," said Neil Luthra, Founding Partner of Newbond Holdings. "We are excited to implement our new business plan and build on the property's success with the Rockpoint team, whom we have known for a long time."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
