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Adam's Mark site bought

Clearwater officials are pleased to have a new hotel planned for the beach.

By LORRI HELFAND, Times Staff Writer
Published December 26, 2007

CLEARWATER - A international hotel developer has bought the former Adam's Mark hotel site for about half what a condo developer paid for the same beachfront property just 21/2 years ago.

Salt Block 57 LLC, which is affiliated with Ocean Properties Ltd., bought the Clearwater Beach property Thursday from an affiliate of Taylor Woodrow for $17.5-million.

Ocean Properties proposes to build a 230-room hotel and timeshare project on the 2.5-acre site.

That would be a welcome addition to the beach, say city officials who have seen numerous hotel rooms disappear during the condo boom.

"We're pleased," Mayor Frank Hibbard said Monday. "We want somebody who is going to do a straight hotel project."

The project, along with a separate hotel project that Dr. Kiran Patel is exploring, would help create "that critical mass of hotel rooms we need," Hibbard said.

The seller, Taylor Woodrow, took a major hit. In June 2005, the English company paid $31.5-million for the Adam's Mark. It was the second-most expensive purchase ever on the beach.

The property is assessed at $16.4-million for tax purposes.

Taylor Woodrow had planned to build the $180-million Indigo Beach Residences & Suites, consisting of 112 luxury condominiums and 78 condominium-hotel suites, at the south end of the BeachWalk promenade.

But condo sales on the beach have dried up. And last spring, the developer put a halt on the Indigo Beach project and refunded deposits to those who had signed contracts.

This fall, Taylor Woodrow submitted plans to build a hotel to the city, hoping to attract a buyer.

Ocean Properties is a "significant operator, with a pretty significant track record," said Ed Armstrong, a Clearwater attorney who represents the buyer.

The company, with U.S. headquarters in Delray Beach and Portsmouth, N.H., owns and operates more than 100 hotels in North America and 35 in Florida.

Ocean Properties has hotels with brands that include Marriott, Hilton, Sheraton, Holiday Inn and Westin. But Armstrong said he's not sure which brand will grace the Clearwater Beach site.

The new owner plans to seek approval to build the hotel from the city's community development board Jan. 15, with plans to build the hotel next year.

"We're anxious to go ahead and make our case to the board and proceed to build the project," Armstrong said.

Lorri Helfand can be reached at lorri@sptimes.com or 727 445-4155

[Last modified December 25, 2007, 21:39:30]