Walker & Dunlop, a Maryland-based real estate company that provides financing services to owners of commercial real estate, facilitated the off-market sale and financing of the DoubleTree by Hilton Tampa Rocky Point Waterfront to BlackPearl Capital for $76 million.
The sale price of the 291-room hotel amounts to $261,168 per key, according to a news release. The deal closed in January, according to CoStar property data.
The hotel, which is near Tampa International Airport, was first built in 1986 and recently underwent a $17.9 million renovation.
"Given the hotel’s premier location, brand flag and market positioning, it is poised to capture a major share of demand in the area. We look forward to watching this property serve its community for years to come," Michael Tacorian, co-founder and chief investment officer of BlackPearl, said in the news release.
Walker & Dunlop's NY Capital Markets team acted as advisers on behalf of BlackPearl.
“The hotel industry is a $3 trillion asset class within commercial real estate. Hospitality has become an increasingly attractive investment opportunity, and attention to the sector has heightened under the financial adjustments caused by the worldwide pandemic,” Sean Reimer, managing director of Walker & Dunlop’s NY Capital Markets team, said in the news release. “We are thrilled to play a role in this project with this unique property as well as work with our trusted partners at BlackPearl.”
BlackPearl has invested in hotels under the brand flags of Hilton, Marriott International, IHG Hotels and Resorts and Hyatt Hotel's Corp.