The Hyatt Regency Clearwater Beach Resort and Spa has sold for $137 million, according to a report from the Tampa Bay Business Journal citing Pinellas County, Florida, property records.
The 286-room property in Clearwater Beach, Florida, near St. Petersburg was bought by real estate giant Blackstone and sold by Westmont Hospitality Group. Bloomberg initially reported a sale was imminent with the all-in price likely closer to $200 million.
Westmont has owned the property since 2016 when it purchased the hotel for $120.5 million. That deal actually came in at a higher price per key — $482,000 compared to $479,021 — because 37 rooms were adding during a renovation in 2018.
CoStar records indicate the hotel was first opened in 2010. It will continue to be operated by Hyatt Hotels Corp. following the deal.
This marks the second noteworthy Hyatt property to sell in Florida in the last month, after Hyatt Hotels sold the 1,641-room Hyatt Regency Orlando for $1.07 billion to RIDA Development Corp. and Ares Management. A new Grand Hyatt property is expected to be build on the land adjacent to that property, which is also located next to the Orange County Convention Center in Orlando.