Exclusive: Dual-flag hotel on Clearwater Beach sells for $115 million
By Breanne Williams
Tampa Bay Business Journal
Published: Oct 28, 2021

A dual-flag hotel on Clearwater Beach has sold to a Utah group for $115 million.

Key International of Miami sold the SpringHill Suites and Residence Inn by Marriott Clearwater Beach to Dynamic City Capital in a deal that closed Oct. 27, according to Pinellas County property records.

The sales price breaks down to $450,980 per key.

The hotel at 309 Coronado Drive has 255 suites, a pool, sundeck and 7,000 square feet of ground-floor retail, including one of only two Starbucks cafes in Clearwater Beach.

The Plasencia Group’s Tampa office represented the seller in the transaction. Florida leisure travel — particularly in the Tampa Bay region — has quickly rebounded in the wake of the Covid-19 pandemic. The demand for hotel rooms is driving investor and developer interest in properties throughout the region.

This is the first transaction of a prominent hotel in Clearwater Beach since 2018, according to TPG.

“It was a pleasure representing the seller in this transaction,” Nick Plasencia, managing director of TPG, said in a statement. “The SpringHill Suites and Residence Inn are two of the top hotels on Florida’s Gulf Coast, and the sellers have been tremendous stewards since opening the hotels in 2017. New ownership will benefit from the market’s continued emergence as a top-tier international beach destination."