Tampa investment group buys Sarasota Hyatt

The Sarasota Hotel Acquisition Group, an investment group based out of Tampa, Fla., purchased the Hyatt Regency hotel in Sarasota, Fla.

The property was purchased for $57.8 million, a number that could grow as the building’s amenities and supplies are accounted for. The Blackstone Group, New York’s resident equity giant, was the last owner of the hotel after buying it in 2007 for $65 million. Blackstone renovated the property, which was at the time 40 years old.

Now, the hotel consists of 294 guestrooms with views of the Sarasota Bay or the property’s marina. The property has an e-concierge and provides access to a beach shuttle, a 32-slip marina, a yacht for private events, a hotel pool, 24-hour fitness center and indoor and outdoor venues adjacent to the convention facilities. The property has over 20,000 square feet of meeting and event space, and offers rentals for sailing, fishing, boating, kayaking and bicycles.

Sarasota has been a very active market for property acquisitions, with the Hyatt Place Sarasota changing hands in July for $16.1 million. The 114-room hotel was sold to a subsidiary of Lodgco Hospitality, a partner of Floridays Development Co. 

As far as construction, the region has more than a dozen hotels in the works, and Manatee and Sarasota counties are expected to gain a combined 2,000 rooms by 2020. One such development includes the a six story, 204,150-square-foot Sheraton Starwood hotel, which was approved last month but the Manatee County Commission and will provide 250 new rooms to work alongside the property’s convention center.