JV acquires Hotel Tampa Riverwalk

Newbond Holdings, a vertically integrated real estate investment and operating platform founded by Neil Luthra and Vann Avedisian, has acquired the Hotel Tampa Riverwalk, formerly known as the Sheraton Tampa Riverwalk Hotel, in partnership with investment funds managed by an affiliate of Apollo Global Management. The ownership team has selected Schulte Hospitality Group to run the day-to-day operations and management of the hotel.

The 277-room property, located on top of the Hillsborough River Riverwalk in downtown Tampa, was delivered unencumbered of the Sheraton flag and management and will undergo an operational and namesake rebrand as Hotel Tampa Riverwalk. Ownership plans to implement a comprehensive renovation to guestrooms and public areas, as well as introduce a reconceptualized waterfront restaurant.

The hotel stretches across 200 ft. of riverfront frontage and features an outdoor pool, waterfront dining and 12,000 sq. ft. of meeting space. It has direct access to Riverwalk Blvd., a three-mile pedestrian boardwalk that connects riverfront parks, restaurants, bars, museums and businesses. Additionally, the hotel is close to 10 million sq. ft. of CBD office space, the Tampa Convention Center, Amalie Arena and Water Street Tampa, a $3-billion, 53-acre redevelopment that has delivered 3,500 new residential units, a cultural arts pavilion, 1 million sq. ft. of retail and cultural spaces and 2 million sq. ft. of office space.