National hotel joint venture buys Crowne Plaza Tampa East

BUYER: VWI-Tampa East LLC, Minneapolis

SELLER: Hospitality Receiver LLC on behalf of Columbia Properties Tampa LLC

PROPERTY: 10221 E. Princess Palm Ave., Tampa

PRICE: $10.15 million

PREVIOUS PRICE: $15.5 million, August 2001

LAW FIRM ON DEED: Roetzel & Andress LPA, Orlando

PLANS, DESCRIPTION: A joint venture of Interstate Hotels & Resorts, Waramaug Hospitality LLC, and Värde Partners purchased the 265-room Crowne Plaza Tampa East hotel for $10.15 million.

The price equated to $38,302 per room.

Located at Princess Palm Avenue across the street from Sabal Business Park, the 215,000-square-foot Crowne Plaza features a restaurant, outdoor swimming pool, business center, recreation and sports court, and 30,000 square feet of meeting space. It was originally built in 1987, and renovated in 2001.

Interstate Hotels & Resorts, the largest independent hospitality management company, has taken over operation of the hotel and started on an $8.5 million renovation.

“The Crowne Plaza Tampa East represents a compelling investment opportunity, and we fully expect to deliver superior results,” says Jim Abrahamson, Interstate's president and COO, in a press release. “The hotel's location, adjacent to a thriving business park and close to a number of leisure [amenities] demand generators, greatly enhances the long-term potential of this investment.”

Interstate Hotels & Resorts Inc. is a subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang. The company and its affiliates manage and/or have ownership interests in 331 hotels with more than 60,000 rooms.

Minneapolis-based Värde Partners is an investment management firm that works with foundations, endowments, pension plans, insurance companies and others.