Dr. Kiran Patel, Tampa philanthropist and the founder of WellCare Health Plans Inc. (NYSE: WCG), has picked up another hospitality property.
Patel led a group of investors who purchased the 294-room Hyatt Regency Sarasota, HFF announced Tuesday afternoon. A team of brokers from HFF, 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.
Sarasota County property records, which show a sale date of Sept. 23, list the sales price at $57.8 million, although that figure represents only the physical property and not the furniture and fixtures.
“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.”
Patel is the developer of the $175 million Wyndham Grand Resort on Clearwater Beach, slated to open in early 2017 ( photos). He also owns a 700-room Wyndham in downtown Pittsburgh and the 241-room Westward Look hotel in Tucson, Arizona.
He is also building a massive estate in Tampa’s Carrollwood area, a multifamily compound that’s been under construction for three years. See progress shots of that property here.
The Hyatt Regency Sarasota property includes two on-site restaurants as well as “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,” according to a release from HFF.
Ashley Gurbal Kritzer is senior reporter for the Tampa Bay Business Journal.