NEW YORK – April 24, 2026 — Bain Capital and Smith Hill Capital (“Smith Hill”), the fully integrated commercial real estate debt investment management business of Procaccianti Companies, today announced the completion of a $94 million refinancing for the renovation and rebranding of a 281-key hotel to be reimagined as Hotel Cala under the Curio Collection in the Hilton family. The seven-story hotel is located directly on the Hillsborough River in Downtown Tampa’s Riverwalk District, one of the few hotels with direct Riverwalk access and immediate proximity to the city’s primary business, convention, and entertainment demand drivers.
The refinancing was completed through a joint venture between Bain Capital and Smith Hill, focused on serving the financing needs of hospitality companies and assets in demand-driven markets across the U.S. The partnership combines decades of industry and capital markets experience with a highly attractive market opportunity.
“The Hotel Cala is an exceptional property that benefits from both premier sponsorship and a strong location in the dynamic lodging market of Tampa, FL. The property’s direct location on the Riverwalk makes it a centralized asset for both business and leisure travel,” said Brendan McCormick, Co-Founder and Managing Principal, Smith Hill Capital. “Together with Bain Capital, we continue to pursue opportunities in premier urban and destination markets where we see consistent demand and long-term value creation potential.”
“This transaction is emblematic of our approach to partnering with institutional sponsors in premier markets to support the growth of high-quality assets,” said Mark Gormley, Managing Director at Bain Capital. “We believe Hotel Cala fills a void in the marketplace for a hotel that appeals to both leisure and business travelers and look forward to continuing to serve as a value-added partner to the property’s ownership group as they execute their growth plans.”
In conjunction with this transaction, the property’s ownership group is investing significant new capital into a comprehensive renovation and repositioning of the former Sheraton, transforming the property into Hotel Cala, a Curio Collection by Hilton. The project will deliver fully redesigned guestrooms, reimagined meeting and event spaces, enhanced waterfront public areas, façade, and a destination pool deck. Upon completion, the hotel will benefit from Curio Collection by Hilton branding, providing access to Hilton’s more than 200-million-member loyalty platform and introducing a differentiated lifestyle offering in Downtown Tampa, where Hilton-branded supply remains underrepresented.
About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,900 employees, and approximately $225 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).
About Smith Hill Capital
Smith Hill Capital (“Smith Hill” or “SHC”) is the fully integrated commercial real estate debt investment management business of the Procaccianti Companies (est. 1958). Smith Hill Capital was formed to invest in compelling commercial real estate debt opportunities that exist due to liquidity challenges and dislocation in commercial real estate financial markets. Smith Hill Capital is led by seasoned investment professionals who have multi-cycle investment experience and the tenured skill set to identify opportunities throughout the entire commercial real estate capital structure, spanning from securities to equity ownership. For more information, please visit www.smithhillcapital.com.
Media Contacts
For Smith Hill Capital:
Stacy Silver, Silver Hospitality Group
(954) 306-0747
[email protected]
For Bain Capital:
[email protected]