Newbond Holdings buys 130-key Aloft Tampa Downtown hotel
The company plans a full renovation of guestrooms, public areas and pool deck
By Vishnu Rageev RSep 11, 2023
NEWBOND HOLDINGS HAS acquired Aloft Tampa Downtown in Tampa, Florida, marking its third downtown riverfront hotel investment in the city in 24 months. This takes the company's total to more than 700 hotel rooms and more than 800 ft. of frontage along the Hillsborough River, Newbond said in a statement. Niel Luthra is the founding partner of New York-based Newbond Holdings.
The 130-key hotel, located on the Riverwalk, provides both indoor and outdoor amenities, featuring a waterfront pool, gym, corporate meeting and event spaces, as well as a bar and lounge, the statement added. Newbond is planning a comprehensive hotel renovation to include all guestrooms, public areas and the pool deck.
“Our third hotel investment in downtown Tampa since 2021 demonstrates our conviction in the long-term Tampa growth story,” said Neil Luthra, founding partner of Newbond. “Tampa’s robust job and population growth; flourishing convention and tourism business; and continued institutional investment have created one of the strongest real estate and hospitality markets in the country.”
The Tampa metro area's population growth is expected to drive around $13 billion in upcoming development projects, according to the company. These include the master-planned Riverwalk District, the expansion and redevelopment of the Tampa Museum of Art, the 50-acre mixed-use Gas Worx development, expansion plans at Tampa International Airport, and Phase II of Water Street Tampa.
In October 2022, Newbond acquired the Hotel Tampa Riverwalk, formerly the Sheraton Tampa Riverwalk, adjacent to the Aloft. Additionally, in 2021, the company also acquired the Westin Tampa Waterside in the nearby Harbour Island area.
JLL's Hotels & Hospitality Group facilitated the acquisition financing for Newbond, while The Plasencia Group handled the hotel sale on behalf of the seller.
In July, Equinox Hospitality completed the acquisition of the Four Points by Sheraton San Rafael Marin County for $38 million, marking the company's fifth successful addition to its hotel portfolio in the past year.
Sonesta launched Americas Best Value Studios, an extended-stay version of ABVI.
The model targets owners seeking limited front desk and housekeeping.
The brand meets demand for longer-term, value-focused stays.
SONESTA INTERNATIONAL HOTELS Corp. launched Americas Best Value Studios by Sonesta, an extended-stay version of its franchised brand, Americas Best Value Inn. The model targets owners seeking limited front desk and housekeeping, optional fitness center and lobby market along with standard brand requirements.
The brand aims to address the growing demand for longer-term, value-driven accommodations, Sonesta said in a statement.
"Americas Best Value Studios by Sonesta represents a strategic evolution of our trusted Americas Best Value Inn brand," Keith Pierce, Sonesta’s executive vice president and president of franchise development, said. "We are expanding our offerings to directly address the increasing demand within the extended-stay segment, providing a practical solution for travelers seeking longer-term lodging at value. This new brand type allows our local franchised owner-operators to tap into a growing market while maintaining the community-focused experience that Americas Best Value Inn is known for."
ABVI has a majority presence in secondary and tertiary markets, the statement said.
The extended-stay brand’s operational model features a front desk, bi-weekly housekeeping, on-site laundry and pet-friendly accommodations, Sonesta said. Guests can also earn or redeem points through the Sonesta Travel Pass loyalty program.
In August, Sonesta named Stayntouch its preferred property management system after a two-year review of its ability to support the company’s franchise model. The company operates more than 1,100 properties with more than 100,000 rooms across 13 brands on three continents.
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