Driftwood Hospitality Management (www.TheDriftwoodDifference.com) today announced the acquisition of the Hyatt Regency Tampa. Ideally located in the heart of the city’s vibrant downtown area, the 521-room hotel boasts 30,000 square feet of flexible function space and access to nearby beaches, golf courses, tourist attractions and local corporations. This acquisition marks Driftwood’s re-entry to the Tampa market, which has seen significant growth in 2012 with RevPAR and ADR up 19% and 14%, respectively, in Q3 alone. Driftwood will invest $13M into property renovations, which are expected to commence within the coming weeks.
“We are excited to return to the Tampa market and believe this property is poised for success with terrific core offerings and a central location that appeals to business and leisure travelers alike,” said Mike Diaz, Chief Operating Officer of Driftwood Hospitality Management.
Located just minutes from the Tampa Convention Center, the Florida Aquarium and Busch Gardens Theme Park, the Hyatt Regency Tampa features the full-service Avanzare restaurant and lounge, a heated outdoor pool, rooftop whirlpool, gift shop and fitness center. The hotel is also within walking distance of the Channelside shopping district and a short trolley or car ride from Tampa’s many museums, Raymond James Stadium and the University of Tampa.
As part of Driftwood’s planned renovation program, the company will reconfigure the hotel’s first floor, updating the lobby and restaurant. When complete, the location will be home to Tampa’s newest Starbucks and will feature a variety of other new amenities. Guestrooms and meeting spaces will also be refreshed in late 2013.
“We are bringing substantial upgrades to the property to help it live up to its fullest potential,” Diaz explained. “We look forward to a long relationship with the city and working with the talented personnel at the hotel to provide our guests with an exceptional hotel experience.”
Effective immediately under Driftwood’s management, the Hyatt Regency Tampa will operate as Hotel Tampa – A Hilton Affiliated Property. Upon completion of the first phase of the renovation, which is slated for Q2 2013, the property will be reflagged as the Hilton Hotel Downtown Tampa.
For more information, visit www.TheDriftwoodDifference.com.
About Driftwood Hospitality Management
Based in North Palm Beach, Fla., Driftwood Hospitality Management, LLC is a leader in providing solutions-based services for the domestic and international hotel industry. Guided by The Driftwood Difference – Flexibility, Diversity, Integrity, Accessibility, Originality, the company covers the full spectrum of lodging business needs. From full-service, upscale and upper-upscale hotels to mid-size extended-stay, select and limited-service properties, Driftwood’s portfolio represents virtually every segment of the hospitality industry. Focused on strategic acquisition, development, third-party management, asset management and receivership, Driftwood has extensive management experience and relationships with most major brands, including Starwood Hotels & Resorts Worldwide, Hilton Worldwide, InterContinental Hotels Group, Inc., Carlson, Choice Hotels International, Inc. and Wyndham Worldwide. With offices in Costa Rica, Scottsdale, Ariz. and Miami, Fla., the company and its hotels have received more than 20 industry awards in the past three years.