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