Blackstone in Talk to Buy Beachside Hyatt Hotel in Clearwater, Fla.
By Julia Echikson August 21, 2024 5:12 pm
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Real estate giant Blackstone (BX) is buying an oceanfront Hyatt resort in Clearwater, Fla., near Tampa, for about $200 million, Bloomberg reported.
Located at 301 South Gulfview Boulevard, the Hyatt Regency Clearwater Beach Resort and Spa is home to 286 rooms and approximately 20,000 square feet of indoor and outdoor event space.
The current owner, Westmont Hospitality Group, purchased the complex for $121 million in 2016.
Blackstone’s acquisition has yet to close and the terms could still change, according to Bloomberg, which cited unmanned sources. A representative for Blackstone declined to comment, while a spokesperson for Westmont did not immediately respond to a request from CO for comment.
Blackstone has remained in the Florida hospitality market after the pandemic’s revenge vacation spending has waned. In April, across the state in Fort Lauderdale, Blackstone purchased the city’s W hotel, a 346-room property, for $98 million. Later that month, the private equity giant closed a $429 million refinancing package for a portfolio of 23 hotels, of which nearly 15 percent are in Florida.
If the Clearwater sale closes, it would mark another major sale for a Hyatt-branded hotel in the Sunshine State. Earlier this month, the Chicago-based hotel operator sold the Hyatt Regency Orlando, a 1,641-room resort, for $1 billion to RIDA Development Corporation and Ares Management Real Estate.
Julia Echikson can be reached at jechikson@commercialobserver.com.
