Newmark Arranges $94.36M Refinance for Hotel Cala Repositioning in Downtown Tampa
Newmark has arranged a $94.36 million refinancing loan for Hotel Cala, a 281-key hospitality asset located in the Riverwalk District of Downtown Tampa, Florida, the firm announced April 27, 2026. The financing was secured on behalf of sponsors Newbond Holdings and Apollo, with debt provided by Bain Capital and Smith Hill Capital.
Hotel Cala Repositioning and Rebranding
Formerly known as the Hotel Tampa Riverwalk, the seven-story property sits along the 2.6-mile Tampa Riverwalk with direct waterfront access overlooking the Hillsborough River. The sponsors are executing a repositioning strategy that includes a full renovation and rebranding of the asset under the Curio Collection luxury lifestyle flag. Planned upgrades include enhanced guestrooms, meeting spaces, and a flagship food and beverage concept.
The property's location in the heart of Tampa's Riverwalk District places it within walking distance of several demand drivers. These include nearly 7 million square feet of Class A office space commanding the highest rental rates in the city, the 600,000-square-foot Tampa Convention Center, Benchmark International Arena, Tampa General Hospital, and the University of Tampa. The hotel also benefits from proximity to Cascade Investment's $3.5 billion Water Street development, which continues to attract both group and leisure demand to Downtown Tampa.
Financing Structure
The $94.36 million loan was provided jointly by Bain Capital and Smith Hill Capital. Bain Capital, founded in 1984, manages approximately $225 billion in assets under management across private equity, growth and venture, capital solutions, credit and capital markets, and real assets. Smith Hill Capital is the commercial real estate debt investment management business of the Procaccianti Companies, established in 1958, and focuses on identifying opportunities across the commercial real estate capital structure amid market dislocations.
The financing was secured by Newmark's Global Debt & Structured Finance team, led by Co-President Jordan Roeschlaub, and including Vice Chairman Nick Scribani, Senior Managing Director Ricky Braha, Managing Director Tyler Dumon, and Associate Tate Keir.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK) served as the capital markets broker on the transaction. The firm reported revenues of nearly $3.3 billion for the twelve months ended December 31, 2025, and operates from approximately 175 offices with over 9,300 professionals across four continents.
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