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Wyndham Grand Clearwater Beach resort sells in $170M deal

Veronica Brezina

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The Wyndham Grand Clearwater Beach resort. Image: GoogleMaps

The Wyndham Grand Clearwater Beach resort, owned by Tampa serial entrepreneur and philanthropist Dr. Kiran Patel, has sold in a $170 million deal. 

The resort, which opened in 2017, is the largest development on Clearwater Beach. The resort is split into two 15-story towers overlooking the Gulf of Mexico.

The K & P Clearwater Estate LLC entity, connected to Patel, sold the resort to JEMB Pocono LLC, which is tied to Broadway, New York-based JEMB Realty. The buyer took out a roughly $28.5 million mortgage from AIG Asset Management US LLC for the purchase, according to Pinellas County records. 
 

The two-tower Wyndham Grand resort on Clearwater Beach. Image: GoogleMaps

“I have not sold the total asset, I’m a minority owner, and I’m getting a partner in the business,” Patel told the St. Pete Catalyst. “In challenging times like the Covid pandemic or hurricanes, it’s nice to have a partner. One man can’t carry the burden.” 

Patel explained JEMB visited the resort and “fell in love with it.” After meeting with the group, Patel said they had good chemistry and the next step was to enter a partnership – allowing JEMB to become the majority owner. 

JEMB is a real estate development, investment and management firm. JEMB Realty is known for its office and retail developments in New York. In 2021, it opened 1 Willoughby Square, Downtown Brooklyn’s tallest commercial office tower. 

The firm’s portfolio does include one existing hotel property – the Resorts Casino Hotel in New Jersey, which was Atlantic City’s first casino. JEMB Realty acquired the property in 2010 and re-established it by adding Jimmy Buffett’s Margaritaville, a renovated boardwalk facade, new retail shops, a new state-of-the-art convention center among other upgrades. 

“They [JEMB executives] are experienced in hospitality with the hotel in Atlantic City and have been in the real estate business for generations in New York. They are a strong, solid partner,” Patel said. “Hopefully, this can lead to more partnerships.” 

Morris Bailey, chairman of JEMB Realty, spearheaded the deal with Patel. 

“The Wyndham Grand Clearwater Beach is a fitting addition to our growth strategy in Florida, acquiring a best-in-class asset in a thriving Tampa Bay submarket,” Bailey said in a news release.  

Today, the Wyndham Grand Clearwater Beach is the newest AAA four-Diamond hotel on the Gulf shore. One of the towers is comprised of 343 rooms and the second tower has 105 vacation ownership units.  

It houses a 22,000-square-foot event space, a 10,632-square-foot ballroom, and amenities including a pool and a fitness center. It also serves as the location for  Ocean Hai, a restaurant serving seafood and Asian-fusion cuisine, and the Eskpades Coffee and Cocktail Bar. 

The resort is the first beachfront property in the Wyndham Grand portfolio, which includes 30-plus worldwide properties. Wyndham will continue to manage the property.

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