Hodges Ward Elliott (“HWE”) has been exclusively engaged by Ally Capital Group (the “Sponsor” or “Borrower”) to obtain a $48.1 million ($147,965 / key) 61.7% LTC Loan (the “Loan”) for the acquisition and comprehensive repositioning of the 325-key Westshore Grand, A Tribute Portfolio Hotel, an institutional-quality full-service hotel located in Tampa’s premier Westshore business district (the “Hotel” or “Property”). The Hotel is optimally situated at 4860 W Kennedy Blvd in the heart of Tampa’s Westshore District, the region’s most dynamic commercial submarket. The Hotel is physically connected to the Sponsor’s Urban Centre office campus. Consolidating ownership will allow the Sponsor to take advantage of their local market knowledge, realize operational synergies, and seamlessly execute their comprehensive repositioning strategy.
Upon acquisition, the Sponsor intends to execute a comprehensive repositioning totaling approximately $29.5 million ($90,900 / key), consisting of a Marriott-required PIP and additional discretionary capital improvements designed to modernize the physical plant, enhance the food and beverage offering, upgrade building systems, and improve the guest experience. The repositioning will also include redevelopment of the hotel’s signature restaurant under the direction of Next Level Brands, one of Tampa’s leading independent hospitality companies. Upon completion, the Property will be positioned among the premier upper-upscale full-service hotels within the Tampa Airport/Westshore submarket.
Following renovation in Y4, the property is projected to generate $8.2 million of NOI, equating to a 17.0% debt yield. The requested financing is supported by a conservative initial leverage profile and meaningful sponsor equity contribution, while providing substantial upside through completion of the capital program.
*The Sponsor controls additional parking in their adjacent office holdings:
One Urban Centre: 765 spaces for Common area parking plus 200 allocated to the Hotel.
Two Urban Centre: 792 spaces for Common area parking plus 47 spaces allocated to the Hotel employees.
| Sources | Total | % of Total | Per Key |
|---|---|---|---|
| Loan Proceeds | $48,088,579 | 61.7% | $147,965 |
| Sponsor Equity | $29,825,986 | 38.3% | $91,772 |
| Total Sources | $77,914,565 | 100.0% | $239,737 |
| Uses | Total | % of Total | Per Key |
|---|---|---|---|
| Purchase Price | $46,250,000 | 59.4% | $142,308 |
| PIP and CapEx | $29,542,423 | 37.9% | $90,900 |
| PIP | $15,832,423 | 20.3% | $48,715 |
| CapEx | $13,710,000 | 17.6% | $42,185 |
| Loan Fees | $721,329 | 0.9% | $2,219 |
| Closing Costs and Fees | $1,200,812 | 1.5% | $3,695 |
| Operating Reserve Deficit | $200,000 | 0.3% | $615 |
| Total Uses | $77,914,565 | 100.0% | $239,737 |
| Historical | Forecast | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2023 | 2024 | 2025 | May 2026 T-12 |
Year 1 2027 | Year 2 2028 | Year 3 2029 | Year 4 2030 | Year 5 2031 |
|
| NOI | $3,223,033 | $5,186,522 | $5,079,090 | $3,634,935 | $3,397,551 | $3,413,124 | $3,589,783 | $5,008,242 | $8,178,186 | $9,872,782 |
| Debt Yield1 | 6.7% | 10.8% | 10.6% | 7.6% | 7.1% | 7.1% | 7.5% | 10.4% | 17.0% | 20.5% |
1 Calculated based on the requested loan amount of $48,088,579.
A 325-key Marriott Tribute Portfolio hotel on the Marriott Bonvoy platform — one of the world's largest reservation systems and loyalty programs — with nearly 18,000 SF of meeting space and a full amenity package.
An all-in basis of ~$239,737 per key, inclusive of acquisition and planned improvements, remains substantially below replacement cost for a new upper-upscale full-service hotel and compares favorably with recent Tampa trades.
A Marriott-required PIP plus a comprehensive capital program modernizes both guest-facing amenities and critical building infrastructure — strengthening long-term competitiveness while reducing future capex.
Proximity to Tampa International Airport, the Westshore Business District, Downtown Tampa, leading healthcare, professional sports, and leisure attractions supports a balanced mix of corporate, group, airline, government, and leisure demand.
No hotels are under construction in the Tampa Airport/Westshore submarket. Elevated construction costs, financing constraints, and scarce sites — plus recent inventory removals — support occupancy, pricing power, and RevPAR growth.
Physically integrated with ACG's Urban Centre office complex, creating a unique mixed-use opportunity in Tampa's premier office district — with existing tenant relationships and operational familiarity that de-risk execution.
Next Level Brands — creators of Boulon, Forbici, and Union New American — will redevelop and operate the signature restaurant, transforming an underutilized outlet into a destination venue for guests and locals alike.
An experienced Tampa-based ownership group paired with HHM Hotels — one of North America's leading institutional operators — brings deep experience acquiring, repositioning, and operating upper-upscale assets.
Tampa consistently ranks among the nation's strongest lodging markets. The Westshore submarket alone spans ~19M SF of office, 6,500+ businesses, and 100,000+ employees — reinforcing the Property's strategic location.
Nearly 18,000 SF of flexible meeting space, anchored by the 5,046 SF Bayshore Ballroom, make it one of the largest group-oriented hotels in Westshore — a clear advantage over select-service competitors.
Situated at 4860 W Kennedy Blvd, the Hotel sits in the region's most dynamic commercial submarket — physically integrated with the Urban Centre office towers and moments from the airport, upscale retail, and Tampa's sports and entertainment core.
The Westshore submarket benefits from high barriers to new development and a supply-constrained competitive set — dynamics expected to support long-term RevPAR growth.
To receive the full Financing Memorandum and access data-room materials, please execute the Confidentiality Agreement or contact the Hodges Ward Elliott Debt & Structured Finance team.