Hotelier plans exclusive hotel on site of Hyatt Regency in Sarasota | Sarasota

Kolter Hospitality has attained an arrangement to get the Hyatt Regency in downtown Sarasota and plans to build an distinctive Thompson-branded hotel on the site in accordance to an email from the company’s president.

In the e-mail to the Small business Observer, sister paper of the Sarasota Observer, Scott Webb claims that as part of the “initial levels of the redevelopment prepare, we assume to create a Hyatt-branded Thompson Hotel on web site, which will feature progressive design, luxury and individualized hospitality.”

The enterprise did not disclose what it is paying for the property at 1000 Boulevard of the Arts, a timeline for the development or what else could be designed on the web site.

The property is presently owned by Tampa philanthropist Dr. Kiran C. Patel and a team of buyers who purchased it in 2017 for $57.8 million. Patel informed the Observer on Monday, Could 2 that the team was in innovative negotiations with a prospective purchaser. He was not out there for comment Tuesday, May possibly 3.

Thompson is Hyatt’s luxurious brand. The firm presently has 14 of them in the U.S., together with in Hollywood, California Atlanta Chicago and on Central Park in Manhattan. It operates four far more in Mexico and a single in Madrid, Spain.

In accordance to its site, Thompson “seek(s) out one particular-of-a-variety special properties and reshape them into timeless locations to develop the form of distinctive ordeals that can renovate your working day, your trip or even your existence.”

Kolter Hospitality, a division of the Kolter Team, has been actively buying up motels in the location. In April the team bought the 18-story Embassy Suites by Hitlon Sararsota a several blocks from the Hyatt, its fourth assets on Florida’s west coastline and 2nd in Sarasota.

The Delray Beach-centered developer has also constructed many luxurious residential properties in the space, which includes the 192-device Saltaire in St. Petersburg and the 73-device Ritz Carlton Residences in Sarasota.

The new resort, if the offer closes and Kolter receives all its approvals, will be designed adjacent to the prepared 1 Park Sarasota, a luxurious downtown progress at 1000 Boulevard of the Arts.


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