Oct. 26, 2004 -- TAMPA, Fla. -- Rocky Point's oldest hotel will be replaced next year with luxury condominiums and a four-star hotel.

The Impact Group, a Tampa company that develops and manages hotels, says it will raze the Days Inn it owns at 7627 Courtney Campbell Parkway to build a 14-story, 108-unit condominium tower and a 12-story, 200-room Westin hotel.

Demolition is slated to begin in early 2005, and the condo tower and hotel should be ready for residents and guests in the summer of 2006. The two new buildings are expected to cost about $75 million.

Dilip Kanji, Impact Group's president, said his company considered several ideas for the 6.2-acre waterfront property before deciding to build a condominium building and hotel.

"We looked at all the development options, and we feel this is the best," he said.

Kanji said he's close to securing financing and has required zoning and planning permits. He is working on final site plan approvals.

Impact Group, which bought the Days Inn in 1992, owns several other hotels in the Tampa area: the Holiday Inn Express and Hampton Inn hotels on Rocky Point and the Hilton Garden Inn in Ybor City.

The condominium tower, to be named Oasis Rocky Point Island, is Impact Group's first residential development, Kanji said.

Condominium units will range from 1,450 square feet to 4,300 square feet and be priced between $395,000 for a two-bedroom unit to $1.8 million for a penthouse.

Kanji said he expects Rocky Point's central location near Tampa International Airport and the West Shore business district to attract condominium buyers.

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