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Tampa Bay-Lakeland
Business Observer Tuesday, Jul. 19, 2022 2 weeks ago

Waterfront hotel sold, will undergo 'extensive' renovation

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The 33-year-old North Redington Beach hotel was sold by its longtime owners to a South Carolina development group.
by: Louis Llovio Commercial Real Estate Editor

The DoubleTree Beach Resort on North Redington Beach has been sold by its longtime owner for an undisclosed amount.

The 125-room hotel was purchased by South Carolina developer OTO Development, which is going to renovate the 33-year-old property.   

OTO says in a statement that “an extensive renovation” will begin late summer next year and will include “a total refresh in all common spaces, aesthetic updates and bath upgrades in guest rooms, and enhancements to the exterior.”

The hotel will not close while the work is underway, and the plan is for it to remain a DoubleTree by Hilton.

The DoubleTree Beach Resort by Hilton Hotel Tampa Bay — North Redington Beach, which is its official name, was built in 1987. The seven-story building sits on 230 linear feet of beachfront, and the majority of rooms have views of the water. It is also known, by both locals and tourists, for its Mangos Restaurant and Tiki Bar.

Over the years, the hotel at 17120 Gulf Blvd. has won a slew of awards including nine consecutive TripAdvisor Hall of Fame awards and seven Annual Pride Awards for Quality, says The Plasencia Group, which represented the seller.

According to Pinellas County records, the property was owned by North Redington Beach Associates Ltd.

OTO has bought 10 oceanfront properties since late 2018, seven of those in Florida. That includes the Hilton Garden Inn St. Pete Beach, which, according to county property records, it paid $34.5 million for in late 2019.

OTO says in its statement that once the sale is complete, the company “will immediately implement scaled efficiencies in operations, revenue management and marketing support.”

Nick Plasencia, the managing director of The Plasencia Group, says his client has owned and operated the hotel since the day it opened more than 30 years ago and that he believes “the DoubleTree’s irreplaceable station in the local community remains in great hands.”

The Plasencia Group says it “has orchestrated the sale and financing” of about 3,330 hotel rooms across the state at an average of more than $360,000 per key since 2021.

Neither Plasencia nor OTO disclosed the sale price, and county property records have not yet been updated.

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