A deal to sell the Bilmar Beach Resort, 10650 Gulf Blvd., is expected to close on March 31.
TREASURE ISLAND – A deal to sell the Bilmar Beach Resort, 10650 Gulf Blvd., is expected to close on March 31.
According to General Manager Clyde Smith, TI Resort LLC of Cleveland is selling the gulf front property to Clearview Hotel Capital LLC of Newport Beach, Calif., in conjunction with WHI Real Estate Partners of Chicago.
Terms of the deal were not disclosed but the transaction will include both the hotel and the Sloppy Joe’s restaurant next door. In the past, the hotel and restaurant were operated under separate management groups. Under the new owners, the same management company will operate both.
Smith said discussion on the sale started last summer. Initially, TI Resort LLC received six offers, which was whittled down to two and eventually one.
“It was just the right time for the sellers,” Smith said.
TI Resort LLC has owned the property since 2000. The new ownership group will be the third owner of the hotel, which was built in the early 1960s.
Smith said his employer, Forbes Hamilton Management Co. of Kissimmee, will continue to manage the site.
“(The new owners) have extended that contract so all current management will be kept in place,” Smith said.
Smith called the sale a “win-win situation” for all involved.
“This will take the property up a notch,” Smith said. “We’re excited.”
He said the hotel would offer amenities that it has not offered before, such as a poolside cabana service, along with the free use of kayaks and paddleboards for guests.
Clearview Hotel Capital is a 7-year-old hotel investment and advisory company with $700 million in hotel holdings with nearly 5,500 rooms. This will be the company’s first venture into Florida.
WHI Real Estate Partners is an investment firm that operates three private equity real estate funds.