Oct. 10–CLEARWATER BEACH — Dr. Kiran Patel, one of Tampa Bay's best-known entrepreneurs, said he is taking over the JW Marriott hotel project on Clearwater Beach.
Developer Uday Lele announced plans for the 166-room hotel with 36 residences early last year but the project has proceed in fits and starts since then.
"The value I would bring is the certainty of completion of the project because the financial needs will be met," Patel said in an interview with the Tampa Bay Times today. "I will not need additional partners or things like that or wait for the sale (of units) to be completed."
Patel, who owns other hotels including the new Wyndham Grand Clearwater Beach, said there are "logistics to be worked out" that include getting Marriott's approval for the transfer from Lele to him. But Patel said he hopes to demolish the existing hotel on the site at 691 S Gulfview Blvd. and start construction this year.
Lele had enthusiastically touted the JW Marriot, which could be Tampa Bay's first five-star hotel. But last year's Hurricane Irma caused enough damage to the current hotel that it had to close for three weeks. Then plans were redone to comply with new state fire protection codes and Marriott wanted a redesign of the parking garage to present a more attractive facade from the street.
So far, buyers have placed reservations for 14 of the 36 condo units, priced between $550,000 and $1.325 million.
Patel said he and Lele were brought together by a mutual friend who had a minority interest in the JW Marriott project and wanted to see it completed.
"My conditions were simple — I can do it only if I am in charge and 100 percent owner," Patel said.
Lele, who has started numerous companies, said today that he decided to get out of the project so he could concentrate on writing a book and sharing his tips for building a successful business.
"I think Dr. Patel is a very capable entrepreneur," Lele said. "I have brought (the hotel) to where it needs to be and he will continue the vision."
Neither man disclosed the financial terms of their transaction; Lele paid $25 million in 2005 for the existing beachfront hotel. Once the deal is completed, Patel will have total control of the new project.
"I have a strong personality and like to be in charge, and Uday is passionate and has an equally strong personality," Patel said. "We will not be able to work together. We cannot have two chiefs, let me put it that way."
Contact Susan Taylor Martin at [email protected] or (727) 893-8642. Follow @susanskate
