Clearview Hotel Capital, William Harris buy Bilmar Beach Resort

BUYER: Which Treasure Island Owner LLC (principals: Jon Kline, David Rosenbaum and Andrew Hananel), Newport Beach, Calif.
SELLER: TI Resort LLC
PROPERTY: 10650 Gulf Blvd., various units, Treasure Island
PRICE: $16.4 million
LAW FIRM ON DEED: Baker & Hostetler LLP, Orlando

PLANS, DESCRIPTION:
Newport Beach, Calif.-based Clearview Hotel Capital LLC and Chicago-based William Harris Investors Inc. purchased the majority of the rooms, commercial units and all the amenities of the 165-room Bilmar Beach Resort for $16.4 million.

The remaining units are all individually owned, but managed by the hotel.

The Treasure Island development features more than 8,000 square feet of meeting space, two heated pools, a spa, laundry facilities and two restaurants: Bazzie's Beach Bar and Sloppy Joe's.

“We love the property because the gods certainly aren't making any more beaches and this is a dip-your-toes-in-the-sand location,” says Jon Kline, CEO of Clearview Hotel Capital LLC. “It's pretty special. In that regard we still think there's a lot of room to grow.”

Kline says the resort is performing well and that the new ownership plans to create additional amenities, including a water slide and paddleboard and kayak rentals. The new ownership is also looking at selective capital improvements particularly to the lobby over the next year.

Forbes Hamilton Management Co. of Kissimmee will continue to manage the property.

The Bilmar Beach Resort is the fifth hotel the partnership has purchased and its first in Florida. Clearview Hotel Capital LLC acts as the managing partner and William Harris Investor is the capital partner.
Founded in 1976, William Harris Investors is a Registered Investment Adviser that provides investment and wealth management services.

Clearview Hotel Capital is a hotel investment and advisory company focused on acquiring and managing hotels in urban and unique locations. Founded in 2007 by Kline, it has acquired more than $700 million of hotels containing nearly 6,000 rooms.

The purchase entity, Which Treasure Island Owner LLC, mortgaged the property to JPMorgan Chase Bank National Association for $15 million.