Tampa-based Ally Capital Group has purchased the Westshore Grand, bringing the 11-story hotel and two conjoined office towers under single ownership for the first time in 42 years.
Built in 1984, the sprawling Urban Centre complex in the heart of Westshore has historically operated under fractured ownership. Ally Capital acquired the prominent office buildings, which total 500,000 square feet, in May 2023.
The investment firm announced Oct. 30 that it acquired the Westshore Grand, a 325-room, Tribute Portfolio hotel. Chief Operating Officer Grant Werbeck called the purchase a “great opportunity” to further capitalize on the business district’s economic strength.
“We view this corner in particular as one of Tampa Bay’s best,” Werbeck told the Tampa Bay Reporter. “Westshore has almost 20 million square feet of office space, making it the largest office submarket in Florida. It’s home to over 65 Fortune 100 businesses and more than 100,000 workers.”
Ally Capital will begin extensive renovations on the hotel by late spring or early summer 2027. Werbeck plans to upgrade every room and enhance the lobby and corridors.
The Westshore Grand uniquely features nearly 20,000 square feet of meeting space and a 500-person ballroom. “It’s really the only one on the block,” Werbeck said. “So, a complete refresh from the ground floor all the way up to the penthouse suites.”
The former Shula’s Steakhouse space is also a focal point of the project. “We expect that to reopen as a destination restaurant once again,” he said.
“We’re looking at a Next Level Brands concept for the Shula’s space,” Werbeck said of the hospitality group behind Forbici Modern Italian and Union New American.
While “nothing has really been formally agreed to yet,” and stakeholders are still determining “the right fit,” Werbeck said Next Level is “a team that we know well and trust.”
Consolidating ownership of the hotel and office buildings allows Ally Capital to operate a unified campus. Werbeck said the integration will streamline parking, expense management and shared amenities.
The high-end dining concept will serve hotel guests, office tenants and the public. Werbeck highlighted how the office sector has changed since the COVID-19 pandemic.
“Tenants really want and thrive on occupying spaces that are of the highest quality,” he explained. “And I think that when you include a high-end F&B and hospitality outlet within the office corridor, it’s something very unique that not a lot of other office projects can offer.”
Ally Capital’s acquisition comes amid a $5 billion wave of investments in the immediate vicinity. Those include Tampa International Airport’s expansion, the Westshore interchange overhaul, the planned Tampa Bay Rays stadium and the sweeping redevelopment of Westshore Plaza.
In August, Third Lake Capital unveiled plans to transform the 53-acre mall into a mixed-use district with over 1,700 homes, a 240-room hotel, approximately 900,000 square feet of retail and 500,000 square feet of office and medical space.
Westshore Plaza is directly across from the hotel. The massive project will bring exponentially more people to the area around Westshore and Kennedy Boulevards.
“We should be in a good position to be finished pretty well before they break ground,” Werbeck said. “We’re really excited to be a neighbor across the street.”
He emphasized the importance of convenience in Tampa. Werbeck said the Westshore Grand is just two miles from the airport, offers an on-site shuttle, and is a 15-minute drive from downtown Tampa.
Expectations for quality have risen alongside post-pandemic wealth migration into the region, he added. That, combined with the popularity of upscale districts like Water Street Tampa, has presented a clear mandate to reposition the Westshore Grand, Werbeck said.
“We’re always growing – we want to find good assets in great locations,” he said. “Our focus, historically, has been mostly in our backyard here in Tampa, St. Pete and Clearwater, but we have a very strong pipeline of deals across not only all of Florida, but all across the Southeast.”
