JEMB Realty Corporation, the family-run real estate development, investment and management firm, based in New York City, today announced the acquisition of the Wyndham Grand Clearwater Beach for $170 million. The seller, Dr. Kiran Patel, will remain a minority partner in the new joint venture led by the Bailey and Jerome family firm.
Built in 2017, the Wyndham Grand is the premier hospitality asset in the booming Tampa Bay market. The 343-room, full-service hotel is located directly on Clearwater Beach. The acquisition was completed in conjunction with Bailey Acquisitions, a subsidiary of JEMB focused on pursuing strategic opportunities in major U.S. markets.
“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 Morris Bailey, Chairman of JEMB Realty Corporation.
The Wyndham Grand is the latest addition to JEMB’s legacy portfolio of trophy real estate properties, which includes One Willoughby Square, Resorts Casino Hotel in Atlantic City, Herald Center and Herald Towers in Manhattan and a collection of diversified assets across the U.S. and Canada.
The deal was spearheaded by Morris I. Bailey, Principal of JEMB’s new venture Bailey Acquisitions. “We are excited about our latest purchase in Florida, and look forward to our continued pursuit of quality real estate assets in major markets throughout the US.”
The Wyndham Grand Clearwater Beach is an amenity-rich beachfront property featuring approximately 17,000 square feet of meeting space, a bar/lounge, three food and beverage outlets, an outdoor swimming pool, a fitness center, a business center, a Spa, a sundries shop and includes 460 parking spaces.