Hotelier plans exclusive hotel at Hyatt Regency site in Sarasota | Business Observer

Kolter Hospitality has reached an agreement to purchase the Hyatt Regency in downtown Sarasota and plans to build an exclusive Thompson-branded hotel on the site according to an email from the company’s president.

In the email to Business Observer, Scott Webb says that as part of the “initial stages of the redevelopment plan, we plan to build a Hyatt-branded Thompson hotel on site, which will feature innovative design, luxury and personalized hospitality.”

The company has not disclosed what it is paying for the property at 1000 Boulevard des Arts, a timeline for development or what else might be built on.

The property is currently owned by Tampa philanthropist Dr. Kiran C. Patel and a group of investors who bought it in 2017 for $57.8 million. Patel told the Observer on Monday (May 2) that the group was in advanced negotiations with a potential buyer. He was unavailable for comment on Tuesday, May 3.

Thompson is Hyatt’s luxury brand. The company currently has 14 in the United States, including Hollywood, California; Atlanta; Chicago; and on Central Park in Manhattan. It operates four more in Mexico and one in Madrid, Spain.

According to its website, Thompson “looks for one-of-a-kind properties and transforms them into timeless destinations to create the kind of distinct experiences that can transform your day, your trip, or even your life.”

Kolter Hospitality, a division of the Kolter Group, has been actively buying hotels in the area. In April, the group purchased the 18-story Embassy Suites by Hitlon Sararsota a few blocks from the Hyatt, its fourth property on Florida’s west coast and second in Sarasota.

The Delray Beach-based developer has also built several luxury residential properties in the area, including the 192-unit Saltaire in St. Petersburg and the 73-unit Ritz Carlton Residences in Sarasota.

The new hotel, if the deal goes through and Kolter receives all of its approvals, will be built adjacent to the One Park Sarasota project, a downtown luxury development at 1000 Boulevard of the Arts.