Clearwater Beach Luxury Hotel Sells for $170M

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In a sign that travel and hotel values are rebounding from the pandemic, a beachfront hotel in Clearwater Beach, Fla., has changed hands for $170 million.

JEMB Realty Corp., a family-run firm based in New York City, said Thursday that it bought the Wyndham Grand Clearwater Beach on the state’s Gulf Coast. The seller, cardiologist and entrepreneur Dr. Kiran Patel, will remain a minority partner in a new joint venture. 

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Built in 2017, the Wyndham Grand is a AAA four-diamond hotel. Rates for an early April stay at the 343-room resort start at $641 a night, according to the Wyndham Grand’s website.

Morris Bailey, chairman of JEMB Realty, called the hotel a “best-in-class asset.”

“The Wyndham Grand Clearwater Beach is a fitting addition to our growth strategy in Florida,” Bailey said in a statement. 

JEMB’s portfolio includes One Willoughby Square, Resorts Casino Hotel in Atlantic City, Herald Center and Herald Towers in Manhattan and a collection of diversified assets across the U.S. and Canada. 

The 15-story Wyndham Grand Clearwater Beach features 17,000 square feet of meeting space, a bar and lounge, three restaurants, a fitness center, a spa, a sundries shop and 460 parking spaces.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.