Hotel Sale Paves Way for Significant Upgrades, Enhanced Guest Experience
Tampa, Fla. (Oct. 7, 2021) – 1754 Properties, LLC, an institutional owner, operator and lender of hotels and other real estate based in Weston, Florida, has announced its acquisition of the 212-room Floridan Palace Hotel in downtown Tampa in partnership with Triangle Capital Group. The sale was completed Oct. 7 and includes the 3/4-acre parking lot site at 505 E. Taylor Street in Tampa’s North Downtown neighborhood, locally known as NoDo. The NoDo area has become the epicenter of culture and nightlife in downtown Tampa with a growing collection of popular bars, clubs, restaurants, and attractions, including the Straz Performing Arts Center.
“We’ve had our eyes on the rapidly transforming NoDo market and are very excited to acquire one of Tampa’s most storied treasures, the Floridan Palace,” commented Alex Galewicz, one of the principals of 1754 Properties.
According to Joe Kelley, head of management for 1754, the company is actively looking to hire dozens of new employees to bolster the existing team in preparation for restaffing the hotel for full operations. “With additional employees in place, we look forward to opening the restaurant and wedding and group venues at the Floridan by the end of the year. We plan to significantly upgrade the restaurant experience to complement NoDo’s dining scene and deliver the great experience guests and residents have come to expect,” said Kelley. Interested applicants should contact Glenn Willocks of 1754 Properties firstname.lastname@example.org.
“We are incredibly excited about the location and management team here, as well as the opportunity to continue to grow our footprint throughout Florida. The transformation of this property will fill an underserved gap in the market and benefit the entire neighborhood,” said Michael Dornbusch, Vice President of Triangle Capital Group.
“We look forward to upgrading this property through a significant new renovation, bringing it to a level deserving of such a grand hotel,” said Joseph Smith, founding partner of 1754 Properties LLC. “We take such historical assets seriously and will be good stewards of the hotel’s intriguing past and its wonderful 1920s façade.”
For more information on the Floridan Palace Hotel, visitFloridanPalace.com or call (813) 225-1700.
About 1754 Properties LLC
With offices in Mexico City and Weston, Florida, 1754 Properties LLC is an institutional owner, operator and lender of hotel and multifamily properties in Mexico and the United States. The company focuses primarily of larger full-service hotel properties where it can implement its value-add operational, branding and renovation strategies. The principals have owned hotels for more than 20 years and have had a wide range of investors, including international private equity funds, corporate pension plans of Fortune 500 companies, public pension plans, endowments, and family offices of some of the wealthiest high-net-worth investors in the world. 1754Properties.com
About Triangle Capital Group
Founded in 2009, New York-based Triangle Capital Group is a private real estate investment firm that focuses on special situations in both equity and debt. Since inception, Triangle has completed more than $1.5 billion of acquisitions and actively manages over 4 million square feet in multiple asset classes across 16 states. Trianglecap.com