Former Bank To Become Boutique Hotel, Downtown Tampa

The former Mercantile Bank building in downtown Tampa will soon undergo a renovation into a 130-room boutique hotel.

Located at Ashley Drive and Kennedy Boulevard at 100 W. Kennedy Blvd., the eight-story Mercantile Bank building was built in 1964, overlooking the Hillsborough River and the University of Tampa (UT). Now, Aloft Hotels, a national brand of hotels owned by Connecticut-based Starwood Hotels and Resorts, will revamp the former bank into a boutique hotel expected to open by early 2014.

“While we already own several premier hotels in the Tampa Bay area, my family has specifically been focused on developing a hotel in downtown Tampa for years,” says Punit Shah of Clearwater-based Liberty Group, who will own and manage the Aloft project as part of a collaboration with Santosh Govindaraju of Tampa's Convergent Capital Partners. “This project presents the perfect opportunity to own the hippest hotel in the most dynamic location in Tampa Bay."

The building was purchased by private equity firm Convergent Capital Partners for $2 million in early May 2012. An additional $7 million is expected as an investment into the renovation of the building with work beginning by May 2013.

The Aloft Downtown Tampa renovation will include 130 rooms, seawall repairs, a 4,000-square-foot rooftop terrace overlooking the infamous UT minarets, a 24-hour fitness center, new elevators and roof, and a waterfront pool. Orlando-based Baker Barrios Architects will act as lead architect and interior designer on the project.

“We want this to be a place where people meet at the hotel for a drink, have a walk down the Riverwalk or sit on the outdoor patio and see that gorgeous view of the University of Tampa,” Govindaraju says.

Upon opening, Aloft's Tampa location will be the fifth Aloft hotel in Florida; Aloft currently has 60 hotels in 10 countries.

Writer: Alexis Quinn Chamberlain
Source: Punit Shah, Liberty Group & Santosh Govindaraju, Convergent Capital Partners