The founder of WellCare Health Plans Inc., Dr. Kiran Patel, has closed on the purchase of the 294-room Hyatt Regency Sarasota. The 13-story hotel and underwent extensive renovations in 2007 and 2008 with additional updates completed in 2014. Situated on 4.84 acres at 1000 Boulevard of the Arts, the hotel is located on Sarasota Bay along Florida’s Suncoast and north of downtown Sarasota. The property includes two on-site restaurants as well as 20,000 sqf of flexible indoor and outdoor function and meeting space, a heated lagoon swimming pool, 32-slip, full-service marina with a boat house and a a 24-hour Hyatt Stay Fit gym. Terms of the sale were not disclosed but according to Sarasota County property records the sales price was listed at $57.8 million.
Holliday Fenoglio Fowler’s team of brokers, including the head of HFF’s hotel group, Daniel C. Peek, and associate directors Preston Reid and Alexandra Lalos, represented the seller in the transaction. “The hotel investment market continues to offer attractive investments for discerning investors across the United States,” Peek said in a statement. “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.”
