NEW YORK—Bain Capital and Smith Hill Capital introduced the completion of a $94 million refinancing for the renovation and rebranding of a 281-key lodge to be reimagined as Hotel Cala below the Curio Assortment within the Hilton portfolio. The seven-story lodge is positioned immediately on the Hillsborough River in Downtown Tampa’s Riverwalk District. The refinancing was accomplished by way of a three way partnership between Bain Capital and Smith Hill.
“The Resort Cala is an distinctive property that advantages from each premier sponsorship and a robust location within the dynamic lodging market of Tampa, FL. The property’s direct location on the Riverwalk makes it a centralized asset for each enterprise and leisure journey,” mentioned Brendan McCormick, co-founder and managing principal, Smith Hill Capital. “Along with Bain Capital, we proceed to pursue alternatives in premier city and vacation spot markets the place we see constant demand and long-term worth creation potential.”
“This transaction is emblematic of our method to partnering with institutional sponsors in premier markets to help the expansion of high-quality property,” mentioned Mark Gormley, a managing director at Bain Capital. “We imagine Resort Cala fills a void within the market for a lodge that appeals to each leisure and enterprise vacationers and look ahead to persevering with to function a value-added associate to the property’s possession group as they execute their development plans.”
Along with this transaction, the property’s possession group is investing important new capital right into a complete renovation and repositioning of the previous Sheraton, reworking the property into Resort Cala, a Curio Assortment by Hilton. The undertaking will ship totally redesigned guestrooms, reimagined assembly and occasion areas, enhanced waterfront public areas, façade, and a vacation spot pool deck.
