The hotel will become the Hotel Tampa, a Hilton affiliated hotel effective immediately, said Mike Diaz, chief operating officer of Driftwood, a hotel management company based in North Palm Beach.

Diaz did not disclose financial terms of the deal.

The hotel will change names to the Hilton Hotel Downtown Tampa and raise the Hilton flag as soon as it reaches certain milestones in its renovation in 2013.

These renovation requirements center on a reconfiguration of the first floor, Diaz said. The $13 million renovation will begin construction around the first of the year and is expected to be complete around the first quarter of 2014.

It will also include updates to guest rooms and meeting spaces as well as the addition of a Starbucks franchisor. While the hotel currently sells Starbucks products in its downstairs area, the new Starbucks will operate as a standalone with its own street entrance.

About 95 percent of the hotel's employees will stay on board.

Nabil Salloum has replaced Derrick Morrow as general manager.

The opportunity to bring the Hilton brand to Tampa attracted Driftwood's attention, Diaz said.

"There are not a lot of markets we go to and don't find a Hilton hotel downtown,” he said. "That is a big piece of why are we buying this hotel, to bring the Hilton flag to the market.”
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Margaret Cashill's beats include technology, hospitality, retail and restaurants.