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Floating Rate Makes Westin Sell


The Westin Harbour Island has a new owner, thanks to a floating-rate mortgage.

Walton Street Capital purchased the 10-story, 299-key hotel off Harbour Island Boulevard in Tampa from the Blackstone Group for an undisclosed price, according to CoStar.

The deal for the circa-1985 360k SF waterside facility was financed by a floating rate mortgage from an unnamed bank. HFF's Michael Winberg helped arrange the debt, while HFF's Daniel Peek, Preston Reid and Alexandra Lalos brokered the sale. [CoStar]