Bain Capital and Smith Hill Capital announced the completion of a $94-million refinancing for the renovation and rebranding of a 281-key hotel in Downtown Tampa’s Riverwalk District. The seven-story property will be reimagined as Hotel Cala, a Curio Collection by Hilton, converting from its former identity as a Sheraton.
The hotel is located directly on the Hillsborough River with direct riverwalk access. The renovation will deliver redesigned guest rooms, reimagined meeting and event spaces, enhanced waterfront public areas, façade updates and a destination pool deck. Upon completion, the property will operate under Curio Collection by Hilton, providing access to Hilton’s more than 200 million-member loyalty platform.
Smith Hill Capital is the fully integrated commercial real estate debt investment management business of Procaccianti Companies.
“The Hotel Cala is an exceptional property that benefits from both premier sponsorship and a strong location in the dynamic lodging market of Tampa, FL. The property’s direct location on the Riverwalk makes it a centralized asset for both business and leisure travel,” said Brendan McCormick, co-founder and managing principal of Smith Hill Capital. “Together with Bain Capital, we continue to pursue opportunities in premier urban and destination markets where we see consistent demand and long-term value creation potential.”
“This transaction is emblematic of our approach to partnering with institutional sponsors in premier markets to support the growth of high-quality assets,” said Mark Gormley, a managing director of Bain Capital. “We believe Hotel Cala fills a void in the marketplace for a hotel that appeals to both leisure and business travelers and look forward to continuing to serve as a value-added partner to the property’s ownership group as they execute their growth plans.”