The Arden Group buys InterContinental Tampa Hotel

BUYER: AREPII ICT LLC (52.43% interest), A7PP ICT LLC (40.29%) and AOFI ICT LLC (7.28%), Philadelphia
SELLER: LH Tampa Holding LLC, Tampa
PROPERTY: 4860 W. Kennedy Blvd., Tampa
PRICE: $40.2 million
PREVIOUS PRICE: $41.13 million, March 2006
LAW FIRM ON DEED: Paul Hastings LLP, Los Angeles

PLANS, DESCRIPTION:
Three entities related to Philadelphia's The Arden Group Inc. purchased the 323-room InterContinental Tampa Hotel in Westshore for $40.2 million.

The price equated to $124,458 per room.

The 11-story hotel will continue to carry the InterContinental brand and will be managed by an affiliate of HEI Hotels & Resorts, based in Norwalk, Conn.

Built in 1984, the 188,742-square-foot hotel sits on a 3.42-acre parcel. Amenities include 13 meeting rooms, Shula's Steak House and Shula's No Name Lounge, a business center, convenience store, beauty salon, fitness center and outdoor swimming pool. The hotel also features 23 suites.

The seller, a joint venture of funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Lowe Enterprises, has owned the property since 2006.

The buyers, AREPII ICT LLC, A7PP ICT LLC and AOFI ICT LLC, mortgaged the hotel property to PCCP Credit VI REIT-Sub Holdco LLC of Los Angeles for $30.6 million.