BUYER: Treasure Island Palms LLC (principal: Terence J. McCarthy as trustee), Clearwater
SELLER: Trails End Motel Inc.
PROPERTY: 11440 and 11500 Gulf Blvd., Treasure Island
PRICE: $4.5 million
TITLE FIRM ON DEED: A Heritage Title - Pinellas Inc., St. Petersburg
PLANS, DESCRIPTION: An affiliate of Clearwater's TJM Properties purchased the 56-room Trails End Motel for $4.5 million.
The price equated to $80,357 per unit.
The 18,863-square-foot motel was built in 1952. The 1.22-acre property has beach frontage to the Gulf of Mexico.
“We felt it was a pretty good deal for beachfront property,” says Dale Schooley, director of acquisitions for TJM Properties. “It will need some improvement [including] all new furniture and quite a bit of remodeling.”
Schooley says the property has had an occupancy well below the rest of the area, but that TJM Properties looks to target underperforming properties that it can improve. The new owner is considering tying the hotel to a national brand, but no final decision has been made. The property will at a minimum be renamed.
TJM Properties and its affiliates, including Sette McCarthy Hotels, own the Baymont Inn & Suites in Fort Myers, Quality Inn & Suites in Clearwater and Howard Johnson Executive Center in Lakeland. TJM Properties also owns and operates a number of senior-housing properties, including the 118-unit The Princess Martha in St. Petersburg, 142-bed Summerfield Retirement Residence in Bradenton, 320-unit The Oaks of Clearwater, 113-unit Bradenton Oaks, 92-unit Sunset Lake Village in Venice and 92-unit Village Place in Port Charlotte.
The purchase entity Treasure Island Palms LLC mortgaged the property to the former owner Trails End Motel Inc. for $3.75 million.