TAMPA, Fla. – 1754 Properties, a hotel owner and operator based in Weston, Fla., 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 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,” said 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.
“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.”