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| Hilton Clearwater Beach Hotel, 400 Mandalay Avenue, Clearwater Beach, FL |
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| Alexandra Lalos |
TAMPA, FL – HFF announced today that it has closed the sale
of the Hilton Clearwater Beach, a 416-key hotel overlooking the Gulf of
Mexico in Clearwater Beach, Florida.
HFF marketed the property on behalf of the seller, an
affiliate of Blackstone. An affiliate
of Columbia Sussex Corporation purchased the offering free and clear of
existing debt.
The purchaser is entering
into a long-term franchise agreement with Hilton and will assume property management
responsibilities.
The
full-service hotel is situated on 10 acres directly on the sand at 400 Mandalay
Avenue in Clearwater Beach.
The
property is located immediately proximate to the terminus of Clearwater
Memorial Causeway, affording the hotel visibility and access from downtown
Clearwater, Tampa International Airport and Interstate 75.
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| Dan Peek |
Renovated in 2006, the nine-story Hilton-branded hotel
features 40,000 square feet of indoor and outdoor function space, two
beach-side swimming pools, state-of-the-art fitness center, a kids club and
water sports rentals and activities.
The hotel has four
dining options, including Reflection, a full-service restaurant offering
gourmet cuisine and views of the beach and Gulf of Mexico; Coaster’s Lounge in
the lobby; the poolside Sand Bar & Grill and the Tiki Bar.
The Hilton Clearwater Beach is the only
hotel outlet in Clearwater Beach providing service directly on the sand.
The
HFF investment sales team representing the seller was led by senior managing
director and head of HFF’s hotel group Dan Peek, director Max Comess
and real estate analysts Alexandra Lalos, Zach Nolan and Preston
Reid.
“This is a milestone transaction for Clearwater Beach and
the Florida resort market in general,” Peek said.
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| Zach Nolan |
“Like many of its resort peers, the Hilton is enjoying a robust
recovery and record-breaking performance, which attracted investors from around
the globe.”
“To say that the Pinellas County lodging market is in the
midst of a renaissance would be an understatement,” Comess added.
“We are seeing the continued transformation
of Clearwater and St. Petersburg from a second-tier, regional vacation spot to
one of the fastest growing resort destinations in the U.S. with impressive
year-round performance.”
In the year ending 2014, HFF’s Hotel Group closed more than
$3.5 billion in hotel transactions across all capital markets involving more
than 100 hotels and resorts. The firm
is particularly active in Tampa Bay’s coastal region, where it has recently
closed transactions on hotels such as the Sandpearl, Hyatt Clearwater Beach,
Sheraton Sand Key and the Residence Inn Clearwater.
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| Max Comess |
Columbia Sussex is a private hotel company based in
Crestview Hills, Kentucky.
The company, owned by the Yung family, owns and operates hotels in various parts of the United States.
As of 2014, the company operates 41 hotels under 8 different brands.
The company, owned by the Yung family, owns and operates hotels in various parts of the United States.
As of 2014, the company operates 41 hotels under 8 different brands.
For a complete
copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
