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.
