New York group partners with Kiran Patel on Wyndham Grand Clearwater Beach ownership for $170M
By Breanne Williams
Tampa Bay Business Journal
Published: Mar 30, 2022

The Wyndham Grand Clearwater Beach is under new ownership after JEMB Realty partnered with developer Dr. Kiran Patel to become a majority owner of the resort in a $170 million deal, and Patel will become a minority partner.

Records filed in Pinellas County show the deal closed on March 24. K&P Clearwater Estate LLC, which is linked to the hotel owned by Patel, sold to JEMB Pocono LLC, linked to New York-based JEMB Realty Corp.

“I had no intent to sell this asset, but by chance, the family involved met me, and we had a good chemistry; we felt that we could work together, so rather than selling the asset, I took them in as a partner,” Patel told the Tampa Bay Business Journal. “As you know, I also have the JW Marriott and the recent example of challenges like Covid or a hurricane or something happening in the same area with two large hotels, I felt that to have a partner with one of them would be a good idea. We will both be partners in the Clearwater asset.”

JEMB said the acquisition was completed in conjunction with Bailey Acquisitions, a subsidiary of JEMB focused on pursuing strategic opportunities in major U.S. markets. The deal was spearheaded by Morris I. Bailey, principal of JEMB’s new venture Bailey Acquisitions, who said they are looking forward to their "continued pursuit of quality real estate assets in major markets throughout the U.S."

The hotel at 100 Coronado Drive overlooks the Gulf of Mexico and the Intracoastal waterway, has 22,000 square feet of meeting and event space and has a 10,632-square-foot ballroom, which is the largest ballroom on Clearwater Beach. Amenities like a pool, fitness center, business center and bar/lounge are also available.

The resort comprises two 15-story towers: one tower has 343 rooms for the hotel, and the other has 105 vacation ownership units. In between the towers are two bi-level presidential suites that are each more than 3,000 square feet.

Patel said he met with Morris Bailey, chairman of the board of JEMB, and he quickly realized it would be a good partnership. Bailey is now the majority owner of the resort, and Patel is the minority owner. Patel is local and will “ensure the asset is managed properly.” He said nothing at the resort will change regarding management or staffing.

“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,” Morris Bailey, chairman of JEMB Realty Corporation, said in a release.

Part of its appeal, Patel said, is the sheer size of the development along Clearwater Beach. With hospitality numbers returning to pre-Covid levels, there has been a renewed focus on investments in substantial hospitality developments like the Wyndham Grand Clearwater Beach.

Patel is an active philanthropist in Tampa Bay as well as a well-known real estate developer. His name is known throughout Florida, and he has opened a variety of schools, including the Nova Southeastern University’s Dr. Kiran C. Patel College of Osteopathic Medicine in 2019.

JEMB Realty owns various properties throughout the U.S. and Canada, including Resorts Casino Hotel in Atlantic City, Herald Center and Herald Towers in Manhattan and1 Willoughby Square, the tallest office tower in downtown Brooklyn.

“They’re a good capital partner with us, and who knows as we go farther if we will do other business together,” Patel said.