Blackstone nears purchase of Hyatt Clearwater Beach in Florida

BLACKSTONE is in talks to acquire the Hyatt Regency Clearwater Beach Resort and Spa on Florida’s Gulf Coast, according to sources with knowledge of the matter.

The alternative asset manager is discussing buying the property from Westmont Hospitality Group for around US$200 million, one of the sources said. A transaction has not been finalised and terms could change or talks could collapse at the last minute.

A representative for Blackstone declined to comment. A Westmont representative did not immediately respond to a request for comment.

The proposed transaction comes at a time when hotel demand is normalising after a revenge travel boom that followed early Covid lockdowns. Florida resorts, which helped define the lodging recovery, have remained in demand with investors, with a joint venture between Ares Management and Rida Development agreeing to acquire the Hyatt Regency Orlando for more than US$1 billion.

The Clearwater hotel features 286 oversized rooms and more than 20,000 square feet (1,860 square metres) of indoor and outdoor event space. Westmont – which owns and operates hundreds of hotels in the US, Europe and elsewhere – paid about US$121 million for the beachfront property in 2016.

Blackstone has long been an investor in lodging. The firm acquired the W Fort Lauderdale earlier this year and has been making investments in properties it already owns such as the Hotel Del Coronado in San Diego and the Grand Wailea in Maui. BLOOMBERG