This acquisition and partnership is a great opportunity for Convergent and Blackstone. Located on the water, the Knights Point property has vast potential to be a focal point for the greater Tampa downtown area.
Tampa, FL (PRWEB) September 05, 2014
Convergent Capital Partners LLC (“Convergent”) is pleased to announce the acquisition of the Knights Point Retail Center. Located on Harbour Island, a residential and commercial neighborhood within walking distance to downtown Tampa, Knights Point current tenants include Jackson’s Bistro and several other businesses. Simultaneously, Blackstone acquired the fee simple interest in the adjacent Westin hotel consolidating its ownership in the hotel as it already controlled the leasehold. Convergent and Blackstone will work together to renovate the properties and their shared exterior areas.
Santosh Govindaraju, Chief Executive Officer of Convergent said, “This acquisition and partnership is a great opportunity for Convergent and Blackstone. Located on the water, the Knights Point property has vast potential to be a focal point for the greater Tampa downtown area and a top destination for residents and tourists alike. We look forward to working together with the other owners as well as the city of Tampa to make this a vibrant focal point for the city.”
Glenn Alba, Managing Director of Blackstone said, “Blackstone is excited about the opportunity to consolidate our ownership in this Class A asset in one of the best locations in Tampa. While day-to-day operations at the Westin will not change, we look forward to working in collaboration with Convergent to renovate this property, making this a premier destination.”
About Convergent Capital Partners
Convergent Capital Partners is a privately owned real estate private equity firm headquartered in Tampa, Florida. With over 150 years of combined experience in Florida real estate, Convergent is a pre-eminent and dominant player in Florida's real estate markets. Since October 2008, Convergent has acquired over $500 million in performing / sub-performing commercial mortgages and real estate assets. Convergent’s local investments include the Aloft Downtown Tampa and Hyatt Clearwater Beach. For more information about Convergent, visit http://www.convergentcap.com.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has more than $80 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America. Major holdings include Hilton Worldwide, Invitation Homes (single family homes), Logicor (pan-European logistics), SCP (Chinese shopping malls), and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust.
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds, and multi asset class exposures falling outside of other funds’ mandates. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at http://www.blackstone.com. Follow Blackstone on Twitter @Blackstone.