The Westshore Grand, A Tribute Portfolio Hotel

In October 2023, LCP successfully closed a mezzanine loan (“Mezz Loan”) totaling $15.7 million with Beach Point Capital. This loan was extended to entities owned by Crescent Real Estate and Arden Group. The Mezz Loan was originated in coordination with a senior loan provided by Benefit Street Partners (“Senior Loan”), totaling $31.3 million.

The property, situated along West Kennedy Boulevard in Tampa, enjoys convenient access to the city’s main roads, making it easily reachable from Downtown Tampa and the renowned beaches and recreational attractions. Additionally, the hotel is situated less than two miles south of Tampa International Airport, which has recovered 100% of its pre-pandemic passenger traffic and is nearing the completion of an extensive $4.1 billion capital plan.

The greater Tampa market has experienced aggressive growth in the post-pandemic period, reinforcing the market’s position as a high-impact tourism destination. In January 2020, Visit Tampa Bay set a goal to reach one billion dollars in hotel-room revenue by year-end 2025, a mission accomplished three years ahead of schedule in 2022.