Walker & Dunlop, Inc. announced today that it facilitated the off-market sale and financing of the 291-key full-service DoubleTree by Hilton Tampa Rocky Point Waterfront to BlackPearl Hospitality, LLC ("BlackPearl") for $76 million ($261,168/key). The DoubleTree Tampa Rocky Point Waterfront hotel transaction closed last month.
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DoubleTree Tampa Rocky Point (Photo: Business Wire)
Walker & Dunlop’s NY Capital Markets team, led by Sean Reimer, acted as advisors on behalf of BlackPearl. The transaction illustrates the expertise and continued growth of the NY Capital Markets team’s activity within the hospitality sector. In 2022 the team closed on over $1.4 billion in hotel transactions, with nine sponsors and eight capital partners.
“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,” said Sean Reimer, managing director of Walker & Dunlop’s NY Capital Markets team. “We are thrilled to play a role in this project with this unique property as well as work with our trusted partners at BlackPearl.”
Originally built in 1986, the DoubleTree recently underwent a comprehensive $17.9 million renovation. The hotel sits on 4.34 waterfront acres on Tampa’s Rocky Point peninsula, a short drive to Tampa International Airport, Raymond James Stadium, and the Westshore business district. Tampa is among the nation’s strongest-performing lodging markets and will continue to benefit from its diverse and plentiful base of leisure and corporate demand generators.
“Walker & Dunlop’s hospitality finance experts were very helpful in the advisory process,” said Michael Tacorian at BlackPearl. “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.”
In 2022, Walker & Dunlop’s Capital Markets group sourced capital for transactions totaling nearly $26 billion from non-Agency capital providers. This vast experience has made them a top adviser on all asset classes for many of the industry’s top developers, owners, and operators. To learn more about Walker & Dunlop’s broad financing options, visit our website.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry in the United States, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. Our people, brand and technology make W&D one of the most insightful and customer-focused firms in our industry.