Monarch Alternative Capital Refis Tampa Hotel With $100M Loan
By Andrew Coen January 8, 2024 2:30 pm
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A joint venture between Newbond Holdings and Apollo Global Management (APO) has secured a $100 million loan to refinance a Tampa, Fla., hotel, Commercial Observer has learned.
Monarch Alternative Capital provided the loan on the sponsorship’s 309-key Westin Tampa Waterside in Downtown Tampa, according to sources with knowledge of the deal. JLL (JLL) arranged the transaction on behalf of the JV, sources said.
The 1985-built hotel on 725 South Harbour Island Boulevard is on Harbour Island in Tampa near Amalie Arena, home of the National Hockey League’s Tampa Bay Lightning and the Tampa Convention Center. The property was renovated in 2018 with upgrades to all guest rooms that also added more than 18,000 square feet of meeting space.
Newbond and Apollo acquired the hotel in 2021 for $67.5 million, a 60 percent increase from when Walton Street Capital purchased it from Blackstone (BX) Group in 2016, the Tampa Bay Times reported at the time. The new owners were exploring a sale of the hotel last year with sources telling Bloomberg the property could fetch $150 million.
Representatives at Monarch Alternative Capital, Newbond, Apollo and JLL did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
