Ocean Properties Buys Sandpearl Controlling Interest

Ocean Properties LTD, owner of the former Adam's Mark hotel site on Clearwater Beach, has purchased a controlling interest in The Sandpearl Resort, a luxury hotel and condo residence. While Ocean Properties LTD will be the managing partner, the Sandpearl name and day to day operations will not change.

Ocean Properties owns and manages over 100 hotels, many in South Florida and the Keys. The own 2 local properties including the Treasure Island Residence Inn. The purchase will likely be reassuring to local officials, indicating that Ocean Properties has continued interest in Clearwater Beach, and the developement of the vacant beachfront lot is on the horizon. Ocean Properties purchased the Adam's Mark site in 2007 with plans for a 230 room hotel before the market tanked.

Photo Credit:PropCo Real Estate