Only the best deals!
Call Us : 727-488-4825

10-hotel deal includes Clearwater Beach Hilton

Share Button

An equity fund continues its spree of acquiring high-end properties in Florida.

By MARK ALBRIGHT Published February 2, 2006

CLEARWATER BEACH – Blackstone Group, which has been gobbling up hotels from debt-ridden chains, agreed to pay $367-million for 10 hotels in Florida, including one of the largest properties on Clearwater Beach. Blackstone is buying the 426-room Hilton Clearwater Beach Resort along with six high-end properties on hurricane-ravaged Sanibel and Captiva islands near Fort Myers from MeriStar Hospitality Corp. Included in the sale is the sprawling 579-room South Seas Island Resort which reopens this winter after a $140-million renovation.

Sanibel/Captiva’s lodging industry has been trying to get back on its feet since Hurricane Charley ripped through the barrier islands in 2004. Blackstone acquired five smaller Sanibel properties with a combined 427 rooms and the Dunes Golf and Tennis Club from MeriStar. For Blackstone, a $12-billion private equity fund, the deal marks the latest in a multibillion-dollar buying binge that has consumed many top-end Florida properties owned by Boca Resorts and all of the Wyndham chain, LaQuinta Properties Inc., Prime Hospitality and Extended Stay America.

For MeriStar, the sale caps a selling spree and the chance to reduce debt, including its most expensive junk bond debt that is loaded down by 10.5 percent interest payments. MeriStar, which has shrunken its portfolio from 73 properties in 20 states to 58 in 19 states, said it will consider issuing dividends for the first time since 2002. “With the closing of this transaction (by the end of the first quarter), our asset disposition program will be nearly complete,” said Paul Whetsell, chairman and chief executive officer of Bethesda, Md.,-based MeriStar, which is the nation’s third-largest hotel real estate investment trust behind Host Marriott and FelCor Lodging Trust. MeriStar shares closed at $9.98, down 28 cents after the sale was announced.

Mark Albright can be reached at or 727 893-8252. Source:

Share Button

Comments are closed.


416 Laura Street - Downtown
Clearwater, FL 33755
Phone: 727-488-4825
Fax: 727-216-3469
realtor equalhousing cdpe SFR-logo wise-logo mls-logo

Service Areas

Serving Tampa Bay, Tampa, St Petersburg, Clearwater, Hillsborough, Pinellas, and Pasco Counties, South Tampa, Seminole Heights, Carrollwood, New Tampa, Channelside, Harbor Island, Davis Islands, Hyde Park, Gulfport, St Pete Beach, Madeira Beach, Largo, Seminole, Belleair, Clearwater Beach, Dunedin, Palm Harbor, Tarpon Springs, Safety Harbor, Downtown Clearwater, Island Estates, Clearwater Beach. Tampa Clearwater Residential Homes, Tampa Clearwater Homes for Rent, Tampa Clearwater Land for Sale, Tampa Clearwater Townhomes/Condos, Tampa Clearwater Waterfront Homes, Tampa Clearwater Foreclosures, Tampa Clearwater Multi-family Homes

Equal Housing and Copyright

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. Information provided is thought to be reliable but is not guaranteed to be accurate. You are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. This information is protected from unlawful duplication by Copyright. Any reproduction in full or in part of this Website without the written consent of the Website owner, will be legally persecuted. Important Notice: Great Homes Realty, inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.