IP Capital completes a Grand deal

In one of the largest commercial real estate transactions along the Gulf Coast in the past five years, a Boca Raton investment firm and a Chicago financial partner have acquired the Grand Hyatt Tampa Bay and adjacent Bayport Plaza office building for $226 million.

In the wake of the deal for the 444-room upscale hotel and 11-story office building, IP Capital Partners of Boca Raton and GEM Realty Capital Inc. are expected to embark on a major renovation and marketing plan aimed at better integrating the two properties.