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Business Observer Tuesday, Oct. 22, 2019 9 months ago

Hotel firm buys popular resort for more than $80 million

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TradeWinds Island Resorts has been sold to 1754 Properties Group.

ST. PETE BEACH — TradeWinds Island Resorts, a St. Pete Beach property that includes the 25.5-acre TradeWinds Island Grand hotel, 5.9-acre Rumfish Beach Resort by TradeWinds and Rumfish Grill restaurant, has been sold to 1754 Properties Group, a South Florida-based owner and operator of hotels and real estate in the United States and Mexico. The seller was St. Petersburg-based Fortune Hotels.

According to a press release, the acquisition closed Oct. 17. Joseph Smith, CEO and founder of 1754 Properties, confirmed in a text message to the Business Observer that the sale price was $81.4 million, 

“1754 and its investment partner are uniquely well suited to continue the great legacy of TradeWinds,” Fortune Hotels CEO Tim Bogott states in the release. “The resort is in excellent hands, and its guests, the resort’s team members and the city of St. Pete Beach should be excited about their involvement.”

The buyer intends for the properties to continue to function as two separate resort entities, though guests will be able to access the amenities of both — what it calls its “stay at one, play at two” concept.

“Our new investment will provide additional resources to further enhance the resort’s widespread appeal and position TradeWinds as one of the top beach resorts in the country,” states Smith in the release. “The future of the property is secure and we are eager to move ahead and to continue improving the guest experience for our customers.”

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