Blackstone Nears Purchase of Hyatt Clearwater Beach in Florida
(Bloomberg) -- Blackstone Inc. is in talks to acquire the Hyatt Regency Clearwater Beach Resort and Spa on Florida’s Gulf Coast, according to people with knowledge of the matter.
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The alternative asset manager is discussing buying the property from Westmont Hospitality Group for around $200 million, one of the people said. A transaction hasn’t been finalized and terms could change or talks could collapse at the last minute.
A representative for Blackstone declined to comment. A Westmont representative didn’t immediately respond to a request for comment.
The proposed transaction comes at a time when hotel demand is normalizing after a revenge-travel boom that followed early Covid lockdowns. Florida resorts, which helped the define the lodging recovery, have remained in demand with investors, with a joint venture between Ares Management Corp. and Rida Development Corp. agreeing to acquire the Hyatt Regency Orlando for more than $1 billion.
The Clearwater hotel features 286 oversized rooms and more than 20,000 square feet (1,860 square meters) of indoor and outdoor event space, according to its website. Westmont — which owns and operates hundreds of hotels in the US, Europe and elsewhere — paid about $121 million for the beachfront property in 2016.
Blackstone has long been an investor in lodging. The firm acquired the W Fort Lauderdale earlier this year, and has been making investments in properties it already owns such as the Hotel Del Coronado in San Diego and the Grand Wailea in Maui.
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