• Sat. May 18th, 2024

BlackPearl Capital Acquires a DoubleTree in Tampa for $76 Million


Mar 10, 2023
BlackPearl Capital purchased the DoubleTree by Hilton Tampa Rocky Point Waterfront for $76 million. (CoStar)


Walker & Dunlop, a Maryland-based mostly real estate firm that provides financing products and services to proprietors of business genuine estate, facilitated the off-market sale and funding of the DoubleTree by Hilton Tampa Rocky Level Waterfront to BlackPearl Funds for $76 million.

The sale cost of the 291-area resort amounts to $261,168 for each vital, according to a news release. The offer closed in January, in accordance to CoStar property information.

The hotel, which is near Tampa Global Airport, was very first crafted in 1986 and recently underwent a $17.9 million renovation.

“Provided the hotel’s leading location, brand flag and industry positioning, it is poised to seize a big share of need in the space. We glimpse forward to watching this residence provide its group for several years to come,” Michael Tacorian, co-founder and chief investment decision officer of BlackPearl, reported in the information release.

Walker & Dunlop’s NY Capital Marketplaces staff acted as advisers on behalf of BlackPearl.

“The resort marketplace is a $3 trillion asset class in just business true estate. Hospitality has turn out to be an increasingly beautiful investment decision possibility, and awareness to the sector has heightened less than the economic adjustments triggered by the all over the world pandemic,” Sean Reimer, handling director of Walker & Dunlop’s NY Money Markets workforce, stated in the news launch. “We are thrilled to engage in a position in this undertaking with this one of a kind property as perfectly as work with our trustworthy partners at BlackPearl.”

BlackPearl has invested in motels beneath the model flags of Hilton, Marriott International, IHG Hotels and Resorts and Hyatt Hotel’s Corp.

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