Colorado investor acquires two Clearwater Beach hotels for $113.7 million
By Breanne Williams
Tampa Bay Business Journal
Published: Jun 30, 2023

The Courtyard by Marriott Clearwater Beach and the AC Hotel by Marriott Clearwater Beach have sold to a Denver-based investor for a combined $113.7 million.

Mission Hill Hospitality, a portfolio company of Colorado-based KSL Capital Partners, closed on both hotels on June 28, according to deeds filed in Pinellas County. The seller was an entity linked to Florida-based Norwich Partners.

The AC Hotel by Marriott Clearwater Beach, located at 395 Coronado Drive, sold for $58.3 million. It has 145 rooms, and the sales price breaks down to approximately $402,068 per key.

The Courtyard by Marriott Clearwater Beach, located at 443 East Shore Drive, sold for $55.4 million. It has 139 rooms, and the sales price breaks down to approximately $398,561 per key.

The buyer acquired a $38.5 million mortgage from Athene Annuity and Life Company, according to public documents. Mission Hill Hospitality specifically targets select-service and extended-stay hotel investments and launched in August 2021.

Mission Hills Hospitality’s portfolio includes the Aloft Savannah Downtown Historic District, the Fairfield Inn & Suites Savannah Downtown Historic District, the Hampton Inn and Suite Myrtle Beach, the Oread Hotel in Lawrence, Kansas and the SpringHill Suites by Marriott Centennial Park.