August 11, 2019
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Nashville group buys the Westin Tampa Bay on Rocky Point, plans long-term renovation
By Ashley Gurbal Kritzer
– Senior Reporter, Tampa Bay Business Journal Jul 2, 2019, 2:50pm EDT
Westin Tampa Bay, a 16-story hotel on Tampa’s Rocky Point, has been sold to a group of Nashville investors.
Castlerock Asset Management said Tuesday that it acquired the 244-room hotel. A purchase price was not disclosed, and a deed for the transaction has not yet been filed.
Castlerock is planning a renovation that is slated to wrap up in 2020, the group said in a news release. It is Castlerock’s second Westin property, and vice president Ray Waters said in a statement that the group plans to “bring a unique vision to the local community through Westin’s wellness lens.”
Plasencia Group CEO Lou Plasencia and managing director Nick Plasencia represented the seller, Impact Properties LLC, in the off-market transaction. Impact developed the hotel, which opened in 2009.
“Castlerock is investing in a high-quality, branded asset in an irreplaceable waterfront location,” Nick Plasencia said in a statement. “The Tampa Bay area, and Tampa in particular, is going through a transformative growth period, and we continue to experience an unprecedented, high level of interest in the market from high-caliber ownership and management groups such as Castlerock.”
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