The Westin Tampa Waterside hotel has been acquired by Newbond Holdings and Apollo Funds managed by US private equity firm Apollo Global Management.

The 309-room hotel is located in Downtown Tampa, Florida and sits directly across Garrison Channel from the $3bn, 53-acre redevelopment, Water Street Tampa.

In addition, it is easily accessible from the Tampa Convention Center and Amalie Arena, as well as Tampa’s new 2.6-mile Riverwalk.

Apollo Real Estate partner Dan Kwon said: “Our investment in the Westin Tampa Waterside is in line with our positive long-term outlook on the broader Tampa market, where we are acquiring high-quality real estate at a significant discount to replacement cost.

“We are excited about cementing our strategic partnership with Newbond through this transaction and working together to bring the hotel to its full potential.”

The companies did not disclose financial details of the transaction.

The property recently completed a $17m renovation programme.

Westin Tampa Waterside hotel has 12 floors and features 286 rooms and 23 suites that offer modern essentials and signature amenities.

The hotel also provides 15 meeting rooms, 23,331ft2 of total meeting space.

Newbond is a vertically integrated real estate investment and operating platform. It was founded by Neil Luthra and Vann Avedisian.

Avedisian said: “We are excited by the opportunity to enhance an asset that benefits from an irreplaceable urban waterfront location in a high barrier-to-entry market with attractive long-term demand growth, and highly favourable demographic trends.

“We couldn’t be more pleased to close the Westin Tampa Waterside acquisition with such a world-class institutional partner as Apollo.”