FORT WORTH, February 13, 2019 – Crescent Real Estate LLC (Crescent) announced it acquired majority ownership in The Westshore Grand Hotel located in Tampa, Florida. The 325-key hotel is part of Starwood’s Tribute Portfolio and will continue to be managed by HEI Hotels and Resorts. HEI operates several Crescent-owned hotels.
Originally built in 1984, the hotel is located in the Westshore submarket and is the centerpiece of Urban Centre Complex which is bookended by 550,000 square feet of Class A office space in two office towers. The Westshore Grand Hotel was renovated with 6 million dollars in capital improvements in 2016.
“Acquiring a Starwood-Marriott property provides our customers the benefits of the Marriott reservation system and rewards program,” said Jason Anderson, Co-CEO at Crescent. “Continuing to have HEI Hotels and Resorts operate the property maintains a management focus on quality customer service and efficiencies.”
The hotel is strategically located in the heart of Tampa’s largest business district, close to Tampa International Airport, and convenient to the Tampa Bay area’s famous beaches and theme parks. Westshore Business District is home to 4,000 businesses and a robust retail and leisure market with six million square feet of high-end retail establishments and more than 250 restaurants.
The Westshore Grand Hotel features the original Shula’s Steakhouse and has 14,000 square feet of flexible meeting space, including a 5,000-square-foot ballroom. In addition to its own meeting space, the hotel frequently utilizes adjoining outdoor patios and enclosed atriums in the adjacent office towers to increase function space to 25,000 square feet.
Crescent has used the investment fund to acquire a diversified portfolio of 28 investments spread across office, multifamily, hospitality, and senior living; both existing assets and development. Several notable acquisitions include iconic hotels in Dallas and Denver, Hotel Crescent Court and the Brown Palace Hotel and Spa, respectively.
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