Newbond Holdings and Funds Managed by Apollo Global Management Acquire Hotel Tampa Riverwalk
03 November 2022 - 10:16PM
Business Wire
The joint venture, the team’s second Tampa,
Fla. hotel investment, focuses on repositioning an irreplaceable
waterfront asset in dynamic downtown Tampa.
Newbond Holdings, a vertically integrated real estate investment
and operating platform, founded by Neil Luthra and Vann Avedisian,
is proud to announce the acquisition of the Hotel Tampa Riverwalk,
formerly known as the Sheraton Tampa Riverwalk Hotel, in
partnership with investment funds managed by an affiliate of Apollo
(NYSE: APO). The ownership team has selected Schulte Hospitality
Group to run the day-to-day operations and management of the
hotel.
The 277-room property, located on top of the Hillsborough River
Riverwalk in downtown Tampa, Fla. was delivered unencumbered of the
Sheraton flag and management, and will undergo an operational and
namesake rebrand as Hotel Tampa Riverwalk. Ownership plans to
implement a comprehensive renovation to guestrooms and public
areas, as well as introduce a re-conceptualized waterfront
restaurant, positioning the hotel to become downtown Tampa’s first
premier urban waterfront resort.
The Hotel Tampa Riverwalk stretches across 200 feet of
riverfront frontage and features an expansive outdoor pool,
waterfront dining, and 12,000 square feet of meeting space. It is
the only hotel with direct access to the Riverwalk Boulevard, a
3-mile pedestrian boardwalk that connects riverfront parks,
restaurants, bars, museums, and businesses. Additionally, the hotel
is located walking distance from 10 million square feet of CBD
office space, the Tampa Convention Center, Amalie Arena, and Water
Street Tampa, a transformational $3 billion, 53-acre redevelopment
that has delivered 3,500 new residential units, an iconic cultural
arts pavilion, 1 million square feet of retail and cultural spaces,
and 2 million square feet of office space.
About Newbond Holdings
Newbond Holdings is a real estate investment and operating
platform focused on debt and equity positions across multiple real
estate product types with a hospitality focus as well as
investments in related operating businesses and technology
platforms. As a vertically integrated operating and investment
platform, Newbond is uniquely positioned to create significant
value beyond the typical investment process through creative
structuring, operations and the development of single and multiple
asset brands.
About Apollo
Founded in 1990, Apollo is one of the largest global alternative
investment managers. As of March 2022, Apollo has $513 billion in
AUM and over 2,000 employees, primarily based in New York, Los
Angeles, Houston, London, Hong Kong, Singapore, and Mumbai.
Apollo’s Real Estate platform is comprised of three strategies:
equity, hybrid and yield. The firm’s global real estate business
has doubled in AUM during the past five years and featured $55
billion in AUM in March 2022.
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