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Westin resort back on market

A deal to buy the Innisbrook golf resort falls apart after the buyers want more time for research.

By NICOLE JOHNSON
Published December 6, 2005

A multimillion-dollar deal to sell the Westin Innisbrook Golf Resort in Palm Harbor to two local companies is kaput, at least for now.

In October, Palm Harbor-based CMI Financial Network Inc. and Clearwater-based RoBEL Investments LLC jointly offered $45-million to owner Golf Trust of America Inc. for the resort.

The buyers were given until the last week in November to finalize or cancel the agreement. They decided to do the latter, according to documents filed with the U.S. Securities and Exchange Commission last week.

The companies wanted more time to research the project, but South Carolina-based GTA would not grant them an extension, according to David Hooks, a spokesman for CMI and RoBEL.

"It's like buying a house," Hooks said. "You want to know everything about every aspect of the property and they didn't have time to complete that."

W. Bradley Blair, GTA president, could not be reached for comment Monday.

Hooks said there are still ongoing discussions between the parties and the deal is not completely dead.

But for now, the resort, with its golf courses and 608-room hotel managed by Westin, is back on the market. Houlihan Lokey Howard and Zukin, an international investment bank, is marketing the resort on behalf of GTA. A sale would have meant a second change of hands for the Innisbrook resort in as many years.

Golf Trust of America Inc. purchased the resort in July 2004 from Golf Host Resorts Inc. after the former owners racked up more than $100-million in debt.

[Last modified December 6, 2005, 02:15:34]