PCCP, LLC PROVIDES $53.5 MILLION SENIOR LOAN FOR THE RECAPITALIZATION OF THE WESTSHORE GRAND HOTEL IN TAMPA, FLORIDA
New York, NY, March 5, 2019 – PCCP, LLC announced today it has provided a $53.5 million senior loan for the recapitalization of The Westshore Grand, a 325-key full-service hotel located in the center of the Westshore Business District of Tampa, Florida. The property is owned by a joint venture Crescent Real Estate and affiliates of the Arden Group.
“This is an opportunity for PCCP to provide a senior loan to Crescent Real Estate and Arden Group who are both experienced hospitality investors and repeat borrowers with PCCP,” said John Randall with PCCP. “This ideally located hotel was recently reflagged to a Tribute Portfolio Hotel and offers renovated rooms and common areas that distinguish themselves from a number of nearby hotel offerings.”
Built in 1984, the hotel is located at 4860 West Kennedy Boulevard and is part of the Urban Centre mixeduse complex, which includes over 550,000 square feet of Class A office space owned by Starwood. The Westshore Grand offers 14,321 square feet of meeting/event space (including a 5,046-square-foot ballroom), Shula’s Steakhouse, lounge, lobby bar, grab-and-go Illy Café, top of market fitness center, a business center, a rooftop pool and attached parking garage with 247 spaces allocated to the hotel. Since 2015, the ownership conducted a
significant capital improvement program in order to reflag the asset to a Tribute Portfolio Hotel. Renovations included fitness center upgrades/relocation, the addition of two guest rooms and upgrades to the guest rooms,
lobby, corridors and bar/lounge area.
The asset is located at the corner of Westshore Boulevard and Kennedy Boulevard, the main intersection within Tampa's Westshore Business District. The submarket is proximate to Tampa lnternational Airport on three sides, which is a driver for business in the area. The Westshore submarket features one of the largest concentrations of office space of any business district in Florida with 12.75 million square feet of office space that is home to approximately 4,000 businesses, 93,000 employees and 5,000 residents. High profile employers in the
region include lBM, New York Life lnsurance, PwC, Bloomin' Brands (the parent company of Outback Steakhouse), Bristol Myers Squibb, Gerdau Ameristeel and Humana. The combination of this office space and proximity to the airport keeps the area in constant demand by business travelers, and leisure guests are lured by attractions such as Busch Gardens, University of South Florida, Raymond James Stadium, downtown Tampa and St. Petersburg/Clearwater.