Westmont Hospitality Group, based in Houston, has acquired the Hyatt Regency Clearwater Beach for $120.5 million. Built on a barrier island, the 242 room resort traded for just under $497,934 per room key. The property was originally built as a condominium-hotel, but has been operated as a hotel with room prices ranging from $300 to $700 per night. The seller, Tampa-based Convergent Capital Partners, owned the property for the past three years before entering into this transaction.
“Clearwater is continuing to flourish and has become one of the premier beach destinations in Florida. The market is very strong, and we felt that it was a good time to exit the investment,” Nik Sachdev, managing director of Convergent Capital Partners, said in a statement.
