Grand Hyatt Tampa Bay, Bayport Plaza sell for $226m
IP Capital Partners and GEM Realty Capital paid a combined $226m for the Grand Hyatt Tampa Bay and the adjacent Bayport Plaza office building. The new owners are planning to renovate the hotel’s 33,000 sq ft of meeting space and upgrade the 265,976 sq ft office building’s lobby, bathrooms and common areas. The 444-room hotel and the 11-story office building were completed in 1984 and 1986 respectively. The hotel’s amenities include a trio of food-and-beverage outlets, a pair of tennis courts, a 24-hour fitness center and a resort-style swimming pool. The seller, UBS Realty Investors, paid $50m for the office building in 2003 and acquired the hotel in 2010 for $58.5m.
“We think the overall product put together is superior to any other in the marketplace,” said Jason Isaacson, president of IP Capital. “This real estate is more special than perhaps anything we’ve ever purchased in the past, and it’s one of the most exciting projects I’ve ever been involved with.”