HFF CLoses Sale of Hyatt Regency in Sarasota, Florida

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. November 03, 2016

TAMPA, FL. November 3, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of the Hyatt Regency Sarasota, a 294-room, full-service, AAA Four Diamond hotel on Sarasota Bay in downtown Sarasota, Florida

HFF marketed the property on behalf of the seller and completed the sale to a group led by Dr. Kiran Patel, which acquired the 100-percent fee-simple interest in the property.

The Hyatt Regency Sarasota is the only AAA Four Diamond Hotel in the Sarasota area. The 13-story hotel features 294 guest rooms, including eight executive suites and four bi-level suites, and underwent extensive renovations in 2007 and 2008 with additional updates completed in 2014. The hotel's amenity package contains more than 20,000 square feet of flexible indoor and outdoor function and meeting space; a heated lagoon swimming pool with a waterfall and Jacuzzi; 32-slip, full-service marina with a boat house and an outfitter; watersports; business center and 24-hour Hyatt Stay Fit gym. Additionally, the hotel has two on-site dining facilities, Currents Restaurant & Bar, a full-service restaurant that overlooks the waterfront, and Hurricane Hut Pool Bar & Cafe, a waterfront lounge adjacent to the pool. Situated on 4.84 acres at 1000 Boulevard of the Arts, the hotel is located along Florida's Suncoast and north of downtown Sarasota. The property is proximate to the Tamiami Trail, a historic commercial thoroughfare connecting Tampa to Miami, and Interstate 75 via Fruitville Road.

The HFF investment sales team representing the seller was led by senior managing director and head of HFF's hotel group Daniel C. Peek and associate directors Preston Reid and Alexandra Lalos.

“The hotel investment market continues to offer attractive investments for discerning investors across the United States,” Peek said. “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.”

“Florida's west coast lodging market continues to garner significant investor interest,” Reid added. “The property's irreplaceable waterfront location proximate to downtown and world-renowned beaches make it an ideal choice for both business and leisure travelers.”

About Dr. Kiran Patel

Patel, a physician who founded and was chairman of WellCare of Florida, has been a real estate investor for more than a quarter century. In January 2017, his 450-room Wyndham Grand Hotel & Beach Resort is scheduled to open on Clearwater Beach. Patel also owns a 700-room Wyndham in downtown Pittsburgh and the 241-room Westward Look hotel in Tucson, Arizona.

About HFF

HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:
DANIEL C. PEEK
HFF Senior Managing Director
[email protected]
(212) 245-2425

PRESTON REID
HFF Associate Director
[email protected]
(813) 387-9905

ALEXANDRA LALOS
HFF Associate Director
[email protected]
(305) 448-1333

KRISTEN MURPHY
HFF Director Marketing
[email protected]
(617) 338-0990