The Wyndham Grand Clearwater Beach hotel sold for $170 million to a New York City investment firm, JEMB Realty Corporation, according to an announcement on Thursday.
The Clearwater Beach hotel, built in 2017, was previously owned by K & P Clearwater Estate LLC, which was run by Tampa entrepreneur and philanthropist Kiran Patel.
Patel will keep a minority stake in the resort on 100 Coronado Dr., according to a media release.
The Wyndham Grand struggled at the onset of the pandemic when COVID-19 cancellations hit during peak spring break season in 2020. The resort shut down, laid off workers and applied for federal aid.
K & P Clearwater Estate received a total of about $4.6 million in federal Paycheck Protection Program loans. The first loan it received from the U.S. Small Business Administration in April 2020 was $2.6 million. The corporation received a second $2 million PPP loan in February 2021.
Several other companies that share the same address as K & P Clearwater Estate, and have Patel listed as a managing partner, received millions in PPP loans during the pandemic.
JEMB Realty, founded in 1990, manages several properties across the U.S. and Canada. Wyndham Grand Clearwater Beach is not their first Florida purchase. JEMB also owns a development site in Miami’s Design District through a sister company.
“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,” said chairman of JEMB Realty Corporation Morris Bailey in a statement.
The Wyndham Grand Clearwater Beach has 343 hotel rooms, about 17,000 square feet of meeting space, a bar, lounge, swimming pool, fitness center, business center, spa, retail and more.
A spokesperson for JEMB did not comment on what the company plans for the property.