Westmont Hospitality Group reportedly acquired Florida’s Hyatt Regency Clearwater Beach Resort & Spa for $120.5 million, reflecting the area’s transformation into an upscale destination. An affiliate of Tampa’s Convergent Capital Partners sold the 242-room hotel to Westmont’s affiliate BW CW Hospitality, for approximately half a million dollars per key.
Set between Clearwater Bay’s Intracoastal Waterway and the Gulf of Mexico, Hyatt Regency Clearwater Beach offers world class amenities and award winning service.
“The Clearwater market is continuing to flourish and it is becoming or has become one of the premier destinations in Florida,” said Nik Sachdev, managing director of Convergent Capital. “We thought it was a good time to exit our investment.”
Convergent Capital Partners is a privately owned real estate private equity firm headquartered in Tampa, Florida. With over 150 years of combined experience in Florida real estate, Convergent is a pre-eminent and dominant player in Florida’s real estate markets. Since October 2008, Convergent has acquired over $530 million in performing / sub-performing commercial mortgages and real estate. Convergent makes direct equity, joint venture equity, and debt investments for recapitalization of debt, value-add transactions, and real estate development.
Westmont Hospitality Group was founded in 1975 by now renowned hotelier Majid Mangalji, its president, who in a relatively short period of time, built Westmont from a single property in the Pacific Northwest into one of the largest privately-held hospitality organizations in the world, with significant presence in North America, Europe and Asia.
Throughout the years, Westmont has had an ownership interest in and operated over 1,100 hotels. Currently this stands at over 500 hotels across three continents. Westmont has formed strategic alliances with many of the world’s largest hotel brands. These include Fairmont, InterContinental Hotels Group, Hilton, Accor, Starwood, Wyndham, Choice Hotels, Renaissance, Radisson and Best Western. The company is one of the largest franchisees and co-owners of IHG hotels and Hilton hotels worldwide. Westmont has a very diversified portfolio ranging from budget and aparthotels to mid-market business and large conference hotels to boutique hotels and luxury resorts.
Majit Mangaljy also served as chairman of Canada’s publicly traded InnVest REIT (INN-UN.TO) from 2002 to June 2015, when he was designated as chairman emeritus. InnVest went public in 2002 as a way for Westmont and a partner to sell a stake in a portfolio of hotels they owned. InnVest REIT holds one of Canada’s largest hotel portfolios together with a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada. InnVest’s hotels are managed by five hotel management companies, Westmont Hospitality Management Canada Limited, Marriott International Inc., Fairmont Hotels & Resorts, Hilton Canada Co. and Hyatt Hotels Corporation. InnVest Real Estate Investment Trust was founded in 2001 and is headquartered in Mississauga, Canada.