Tampa-based Ally Capital Group has acquired the 325-room Westshore Grand hotel, with plans for an extensive renovation of the property that will continue through 2028.
The purchase expands the private equity real estate firm’s holdings in Westshore, where it already owns the neighboring Urban Centre I and II office towers, acquired for $123 million in 2023. Ally is partnering with Black Diamond Capital on the hotel acquisition and planned renovations, according to an announcement Thursday, Oct. 29.
The Westshore Grand, a full-service hotel operating under Marriott’s Tribute Portfolio brand, will undergo a comprehensive guestroom renovation, along with upgrades to meeting and event spaces, refreshed common areas and improvements to its food and beverage offerings. The work is scheduled in phases throughout 2027 and 2028.
Andrew Wright, chief executive officer of Ally Capital Group, said, “The Westshore Grand has long been an important part of the Westshore community, and we’re committed to restoring its role as a place where people come together.”
The company has not disclosed the purchase price or anticipated renovation budget, although it identified Valley National Bank as the acquisition lender, with Preston Reid and Michael Britvan of Hodges Ward Elliott, a Franklin Street company, arranging the financing on Ally’s behalf.
Wright, who also founded Tampa-based commercial real estate firm Franklin Street, has overseen several other major commercial property investments across Tampa Bay, including a partnership with Banyan Street earlier this year to recapitalize downtown Tampa’s 31-story Rivergate Tower. The firms have planned approximately $8 million in improvements to the office building. Ally also partnered with Paradise Ventures to acquire the Sundial shopping and dining complex in downtown St. Petersburg in 2022, later pursuing a multimillion-dollar redevelopment of the property.
The Westshore Grand sits directly across from the 53-acre WestShore Plaza property, where a proposed redevelopment would replace the existing shopping mall with a mixed-use district. More than $5 billion in infrastructure, transportation and mixed-use investment is underway throughout Westshore, according to figures provided by Ally Capital, in a district employing approximately 100,000 people.
Additional details about the hotel renovation are expected in the coming months, although Ally has not announced a construction start date, identified a general contractor or explained how the work will affect hotel operations.