HFF Closes Sale of Hyatt Regency Sarasota
- Nov 07, 2016
By Robert Demeter
HFF marketed the property on behalf of the seller and completed the sale to a group led by Dr. Kiran Patel, which acquired the 100 percent fee-simple interest in the property. The investment sales team representing the seller was led by Senior Managing Director & Head of HFF’s hotel group Daniel Peek and associate directors Preston Reid and Alexandra Lalos. The sale price was undisclosed. However, according to Sarasota County records, the property traded in September for $57.8 million.
Hyatt Regency Sarasota underwent extensive renovations in 2007 and 2008, with additional updates completed in 2014, and is the only AAA Four Diamond Hotel in the Sarasota area. The 13-story property features eight executive suites and four bi-level suites, and its amenities package includes more than 20,000 square feet of flexible indoor and outdoor function and meeting space, a heated lagoon swimming pool with a waterfall and jacuzzi, a full-service marina with a boat house and an outfitter, business center and 24-hour gym, as well as two restaurants.
The hotel is situated on 4.84 acres at 1000 Boulevard of the Arts, along Florida’s Suncoast and north of downtown Sarasota. The property is in close proximity to the Tamiami Trail, a historic commercial thoroughfare connecting Tampa to Miami, and Interstate 75 via Fruitville Road.
“The Hyatt Sarasota was another example of a high-quality, full-service hotel that offered an attractive combination of current performance and upside potential that the most active hospitality investment players are seeking today,” said Peek in prepared remarks.
“Florida’s west coast lodging market continues to garner significant investor interest,” added Reid. “The property’s irreplaceable waterfront location proximate to downtown and world-renowned beaches make it an ideal choice for both business and leisure travelers.”
Image courtesy of Hyatt