Trade Marks First Transaction of a Prominent Lodging Asset in Clearwater Beach Since 2018
Tampa, Fla. (October 28, 2021) – The Plasencia Group, a leading lodging investment advisory and consulting firm, advised Key International, a privately-held real estate investment and development company, on the sale of the SpringHill Suites and Residence Inn by Marriott Clearwater Beach to a confidential buyer. The dual-branded hotel is situated on one of America’s top-rated beaches and features a combined 255 suites, an outdoor pool, sundeck, and 7,000 square feet of successful ground-floor retail outlets, including one of only two Starbucks cafés in Clearwater Beach.
The Plasencia Group’s Tampa office represented Key International in the deal, which marks the first transaction of a prominent hotel in Clearwater Beach since 2018. The sale is also the latest in The Plasencia Group’s recent successful client engagements in Florida, where the company’s principals have facilitated the sale of more than 1,600 rooms across the Sunshine State’s most active lodging markets in the last year.
“It was a pleasure representing the seller in this transaction,” added Nick Plasencia, Managing Director of The Plasencia Group. “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.”
Clearwater Beach is a renowned domestic and international tourism destination known for its inviting beaches, recreational activities, dining and entertainment. Visitors flock to its stretch of coastline that has won numerous awards in recent years, including the top overall ranking on TripAdvisor’s list of the Best Beaches in the U.S. in 2019, 2018, and 2016.
The Plasencia Group has advised on the transaction, asset management, renovation, development and refinancing of numerous hotels and resorts in Florida and across the country over the last year. Over its three decades in business, the firm has facilitated and structured hundreds of significant capital events for institutional and independent owners of hospitality assets across North America.