Blackstone sells Hyatt in Sarasota for $57.9 million

The New York-based equity fund had purchased the hotel in 2007 for $65 million

TRD MIAMI /
Oct.October 15, 2016 12:30 PM

New York-based Blackstone Group sold for $57.9 million a Hyatt Regency hotel in downtown Sarasota that the equity fund bought in 2007 for $65 million.

The Sarasota Herald Tribune also reported that the $57.8 million price excludes the value of unidentified building amenities and supplies.  More than 40 years old, the Hyatt Regency underwent substantial renovation while Blackstone owned it.

Blackstone sold the 294-room Hyatt Regency to a Tampa-based investor group called Sarasota Hotel Acquisition Group for about $197,000 per room. Neither the buyer nor the seller could be contacted for comment.

The new owner faces fresh competition in downtown Sarasota, where three hotels are under construction, including an 18-story Embassy Suites hotel and an eight-story boutique property called Hotel Sarasota.

Hotel development has surged throughout the area. Sarasota County and Manatee County have more than a dozen hotel projects advancing within their borders, and the counties could get a combined total of more than 2,000 new hotel rooms by 2020. [Sarasota Herald-Tribune] Mike Seemuth


Related Articles

arrow_forward_ios
Fordome Investment Group’s Kris Rodriguez and Blackstone’s Stephen Schwarzman (Credit: Getty Images, Google Maps)

Blackstone plans to build new Medley warehouse

Placeholder image

Blackstone sells Weston hotel for $12M

Industrial sales are up

South Florida’s industrial sales jump to over $1B in Q3 2019

Daily Digest Miami

Scaramucci slashes his sights on his Opportunity Zone fund, Florida’s first LGBTQ+ senior housing development breaks ground: Daily digest

Blackstone CEO Stephen A. Schwarzman and 5120 Northwest 165 Street

Blackstone buys two Miami Gardens industrial properties for $14M

3208 Northwest 72 Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps and Getty Images)

Blackstone buys industrial portfolio near Miami airport for $56M

Blackstone CEO Stephen A. Schwarzman and Southwest 13th Court (Credit: Google Maps)

Blackstone snags industrial site in Pompano Beach for $10M

Blackstone CEO Stephen A. Schwarzman, the Exchange Lofts apartments at 115 Northeast Third Avenue in Fort Lauderdale

Blackstone sells the Exchange Lofts in downtown Fort Lauderdale for $23M

arrow_forward_ios
Loading...