Greg Powers Of Beachside Hospitality Group And J.B. McKibbon IV Acquire Hotel And Retail At Clearwater Beach For $23M

The transaction involved the sale of the Palm Pavilion Restaurant & Inn located at 18 Bay Esplanade, Clearwater Beach. The asset includes a hotel and retail space, with a sale price of $23,000,000. The total square footage of the property is 23,998, resulting in a price per square foot of $958.

Summary of transaction details:

• Property Type: Hotel & Retail
• Transaction Amount: $23,000,000
• Address: 18 Bay Esplanade
• Market: Clearwater Beach
• Square Footage: 23,998
• Price per Square Foot: $958
• Buyer: Greg Powers - Beachside Hospitality Group; J.B. McKibbon IV - McKibbon Equities
• Buyer's Representative: John Fahey - SRS Real Estate Partners
• Seller's Representatives: John Gerlach, Jake Gerlach & Cyndi Cushman - Colliers

The Palm Pavilion Restaurant & Inn, a historic property dating back to 1926, was long operated by the Hamilton family. Following the sale, the restaurant will be managed and rebranded by the new owners, with Colliers facilitating the transaction on behalf of the sellers and SRS Real Estate Partners representing the buyers for the restaurant portion.