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Condo Hotel Center: Property
Alert
June
15, 2005
Bilmar
Beach Resort
Affordable
Condo Hotel on Florida's West Coast
 Hello,
Maria Lopez here. Joel has given me the floor today
so I can tell you about a unique condo hotel I found
that offers an opportunity to own beachfront property
at an affordable price.
When I was a kid growing
up in Miami, one of the things I dreamed about was
finding buried treasure on the beach. This property
is probably the closest I'll get to that kind of discovery.
It's a condo hotel in one of Florida's West Coast
towns known as none other than Treasure Island.
Named for its early
history of pirates, Indians, and yes, buried treasure,
this barrier island community is about to see one
of its first resort hotels convert to a condo hotel.
I am pretty excited about this property because it's
one of the few condo hotels now available on the central
Gulf Coast of Florida, a place a lot of you have been
asking about. Finally, we have a property for you!
Bilmar Beach Resort
The Bilmar Beach Resort is a landmark property that
has been a beachfront destination for more than 40
years.
The Bilmar Beach Resort, Treasure
Island, Florida
Operated as a successful hotel with
only two different owners during that span, it recently underwent a $12 million-plus renovation and conversion
to become an outstanding condo hotel. Actually, because
of the scope of the renovations, perhaps "transformation"
is a better word to use. Due to the extensive upgrades
underway, AAA has already upgraded the Bilmar's two-diamond
rating to three diamonds.
The Bilmar is situated on 550 feet
of inviting beach. It is one of the widest beaches
you'll find in Florida. Picture a football field covered
in white sand with the Gulf of Mexico in one end zone,
and the Bilmar in the other.
It has a total of 154 condo hotel
units consisting of studios, efficiencies, one-bedrooms,
two-bedrooms and a few penthouses. Those units are
spread over three buildings.
- The Palms - eight stories
- The Shells - four stories
- The Beaches - three stories
Fantastic Views
What makes this property unique is that virtually
all of the units face the beautiful Gulf of Mexico.
The Bilmar's three yellow buildings
have 550 feet of beautiful beach frontage which most
of its rooms overlook.
When this property was designed,
the architect clearly knew the beach would be one
of the Bilmar's best selling features, and laid out
the rooms to capitalize on the Gulf frontage and magnificent
sunsets.
Property
Amenities
The Bilmar offers many quality amenities including:
The Bilmar's pool overlooks the beach.
- Two heated swimming pools
- A whirlpool
- Two restaurants - Sloppy Joe's
(Treasure Island's version of the world-famous Key
West Sloppy Joe's) and the Beach Bar & Grille
- 2,500 sq. ft. banquet room
- 1,600 sq. ft. rooftop terrace
- 1,000 sq. ft. sundeck
- Fitness center
- Bicycle rentals
- Guest laundry facilities
- One mile paved beachside fitness
trail which will soon be extended by the City
- Easy access to the Heart of Treasure
Island - shopping and entertainment
The one-mile beachside fitness trail
that runs behind the Bilmar will soon be extended
by the City.
A
Major Renovation
As mentioned, the Bilmar underwent a total transformation.
Renovations were completed in late 2006.
As part of the renovations ,
all buildings were gutted, with extensive
upgrades to every room including granite countertops,
crown molding, high wind-resistant sliding glass doors,
new fixtures and furnishings, and updated electrical
and plumbing systems, HVAC, roofs, and elevators.
The renovation was handled by
Frazee, Inc. Established in 1976, this Atlanta-based
company is an industry leader in interior renovation
management. Its client list is a who's-who of hospitality
companies. Among the properties Frazee has renovated
are many brand-name franchises including Marriott,
Hyatt, DoubleTree, Radisson, Hilton, Sheraton, Crown
Plaza, Peabody and W-Hotel.
A
Tropical Decor
This Bilmar unit is decorated in the
Beach Cottage decor.
The 154 condo hotel units
will each be tastefully decorated in one of two motifs
that are indicative of tropical Florida -- Island
Breeze and Beach Cottage. Consider these features:
- 90% of units are direct Gulf front
- Fully furnished
- Full kitchenette with refrigerator,
microwave & stovetop (in some units)
- Kitchenettes & bathrooms have
granite countertops
- Granite shower/tub surrounds
- Kohler & Moen fixtures
- Crown molding
- RCA flat screen HD LCD TV's
- High-speed wireless internet service
- Locked owner's closet in two of
the buildings
- Some units have private patios,
balconies or sliding glass windows facing the beach
Penthouse units
Sloppy Joe's
Restaurant
Sloppy Joe's is operated under a licensing agreement
with the world-famous Key West restaurant of the same
name. This 7,700 square foot open air facility is
located directly on the white sandy beach and has
a spectacular outdoor deck from which you can watch
the fantastic sunsets.
The menu features daily specials,
plus a variety of appetizers, entrees, sandwiches
(including a giant signature Sloppy Joe sandwich),
salads and pasta dishes. The restaurant and bar are
open seven days a week for lunch and dinner. A popular
Treasure Island landmark, Sloppy Joe's attracts as
many locals as it does visitors.
The Atmosphere
Treasure Island is a peaceful island 3.5 miles long
with a slow, gentle lifestyle. It is located between
St. Pete Beach on the south and Clearwater Beach on
the north. It is considered part of the Gulf Beaches.
The ambiance at the Bilmar Beach Resort
certainly deserves mention. You're away from the hustle
and bustle of nearby Clearwater Beach, but still close
to everything. In fact, this is the closest beach
hotel to the downtown St. Petersburg area and the
many museums.
It's peaceful -- calming, relaxing,
with the sounds of the Gulf the only background "noise"
for miles around. Treasure Island beach is known as
a gathering spot for kite flyers and sand castle builders,
all of which contribute to the charm of this quiet
town.
Beach
Recreation
If you're not one to just lie on the beach and soak
in the rays, consider some of the recreational activities
readily available on Treasure Island:
- Wave runners
- Parasailing
- Water -
skiing
- Kayaking
- Fishing charters
- Catamaran sailing
- Beach volleyball
- Bike rentals
- Dolphin adventure tours
- Shelling beach excursions
- Sightseeing and dinner cruises
- Golf - numerous golf courses nearby
- Tennis
- Miniature golf
- Arcades
Off-site Adventures
One of the nicest things about the Bilmar Beach Resort
is that you can park your car and never move it if
you want. Downtown Treasure Island (and I use the
term "downtown" loosely) is a quaint mix
of restaurants and stores. Just follow all the pedestrian
walkways around town.
If you're itching to go a little further,
hop on a local trolley which can take you up and down
the beachfront or connect you to other trolleys that
go to Sand Key, Clearwater and St. Petersburg. Tyrone
Mall, about 15 minutes away, is the area's regional
shopping center and has approximately 200 stores and
restaurants.
John's Pass offers shopping, dining,
and entertainment options.
You're just 1.5 miles to the area's
#1 attraction, world-famous John's Pass. Once
a commercial fishing village, it is now the site of
restaurants, small shops and businesses that cater
to visitor activities like boat rentals, fishing excursions,
parasailing and jet skiing. The beach is a short stroll
away, and you can often see dolphins swimming in the
distance.
Downtowns don't come much more picturesque
than Pass-a-Grille, another little town just 15 minutes
from the Bilmar. The friendly neighbors, the cute
little craft stores, the public shuffleboard court
- Pass-a-Grille's charm delights you at every turn.
Lots of Nearby Attractions
Because Treasure Island is just a hop, skip and a
jump from St. Petersburg, Clearwater, Tampa and Orlando,
you may consider visiting some of the many world-class
attractions there:
-
Busch Gardens theme
park
-
The Florida Aquarium
in Tampa
- The Mote Aquarium in Clearwater
- Florida Holocaust Museum
- Salvador Dali Museum
- Adventure Island water park
- Ybor City - shopping, dining &
entertainment district
- Tropicana Field - home of the
Tampa Bay Devil Rays
- Raymond James Stadium - home of
the Tampa Bay Buccaneers - site of the 2009 Super
Bowl
- Fort DeSoto on Tierra Verde -
ranked the #1 beach in North America in 2005 by
Dr. Beach
- Museum of Science & Industry
with IMAX Dome Theatre
- Haslam's Book Store - over 300,000
new and rare books
- Tarpon Springs - known as the
Sponge Capital of the U.S.
- A wide variety of golf courses,
with over 50 places to play in the St. Petersburg/Clearwater
area
- St. Pete Times Forum - home of
the Stanley Cup Champs "The Lightning"
- Ford Amphitheater
- Hard Rock Casino
- Spring training sites nearby for
the Yankees, Blue Jays, Phillies, and Devil Rays
-
Orlando - home
of Disney World, Epcot, MGM, Universal Studios,
Islands of
Adventure, SeaWorld, Discovery Cove, Blizzard
Beach, Wet 'n Wild and more
Drive Times
From the Bilmar, here is the approximate drive time
to nearby key locations:
- Tampa International Airport -
30 minutes
- St. Petersburg/Clearwater International
Airport - 20 minutes
- Tampa - 25 minutes
- St. Petersburg - 10 minutes
- Clearwater - 20 minutes
- Orlando - 2 hours
A History
of Success
One of the points that makes this property particularly
appealing is that it is has operated for more than
40 years as a successful hotel.
Tourism is very strong at the beaches,
and properties like the Bilmar can actually expect
to see an increase in their occupancy rates over the
next few years. Why? Because so many hotels are converting
to condominiums. This is a trend happening all over
Florida, but nowhere is it more obvious than in Treasure
Island.
The Bilmar has a 40-year history operating
as a successful hotel. Pictured above is the lobby/check-in.
Another contributing factor to Bilmar's
high occupancy rates is its long history. Many of
the people who now come to the hotel used to come
here with their parents and even grandparents. This
property has a large and loyal following.
TI
Resort Is an Experienced Hotel Operator
The Bilmar has only had two owners since it was built.
The current owners, TI Resort, LLC, bought and have
operated the property since 2000 and are the ones
now converting it into a condo hotel. Principals of
TI Resort have owned 14 hotels over the years, and
currently own 12,000 multi-family apartment units
and over two million sq. ft. of commercial and office
space.
Treasure
Island Appreciation
When considering
whether the Bilmar is a good investment, it's necessary
to take a look at the real estate nearby. Treasure
Island real estate has been appreciating at an unbelievable
rate.
Between 1998 - 2003 real estate appreciated
93% (an average of 18.6% per year), according to The
St. Petersburg Times. In 2004, property values
went up 21.5%. Locals think 2005 could come in even
higher, as demand for homes in their areas have increased
noticeably -- especially waterfront and Gulf-front
-- they can't make any more beach.
The
Management Company
Forbes-Hamilton Management Company, the
onsite property manager of the resort, was founded
in 1986 and manages hotels and resorts along the east
coast. The corporate team of Forbes Hamilton Management
Company (FHMC) has over 85 combined years of experience
in resort and property management, and manages franchised
properties for InterContinental Corporation, Choice
Hotels and Best Western. Tom Johnsen, President of
FHMC, personally oversees the Bilmar to ensure guest
service standards are delivered at the highest level.
The combined experience and knowledge of the entire
FHMC team affords the Bilmar with support in all areas
from the implementation of ‘state of the art”
systems providing the owners and management with timely
information to make timely decisions to the recruitment
and hiring of key members of the management team.
The Corporate Director of Sales & Marketing works
hand-in-hand with the property’s sales and marketing
team assisting with the development and implementation
of the annual marketing plan. The Corporate Controller
is responsible for the preparation of financial reports
and the operation of all financial systems.
For more information on Forbes Hamilton Management
Co. we invite you to visit our website at www.fhhotels.com.
To Purchase a Unit
The State of Florida has just approved the condo documents,
so the Bilmar is ready to go to contract.
A total of 20% cash down is required.
Prices
The Bilmar Beach Resort has a wide variety of size
and configurations of units. Over 90% of the units
directly face the Gulf. The 10% that don't, overlook
the pool and are priced lower. This is a fabulous
entry price point for direct Gulf-front units. However, at this time, units are only available in one configuration as follows:
- Deluxe Efficiencies, 328 sq. ft.,
with balconies $225,900-$299,900
We can send you a data sheet with
more specific pricing information and property details
upon request. To receive it, you must provide us with
your full contact information in accordance with the
developer's requirements.
Request
for Bilmar data sheet here.
Wrap
Up
Treasure Island is a town of about 7,500 full-time
residents. The motels that were there are gradually
disappearing, especially in the last couple years.
Today, there is a surge of contemporary style and
modern accommodations. The Bilmar Beach Resort is
certainly at the forefront of this renaissance as
a turnkey condo hotel.
If you're looking for hassle-free
ownership, getting good value for your money, a superb
beachfront location on the Gulf of Mexico, a full
array of amenities, and ownership and management that
is proven and hands-on, well then the Bilmar Beach
Resort is a real treasure.
As always, thank you for your interest
in our Property Alerts. If you enjoyed this article,
please feel free to forward it to colleagues and friends
and have them subscribe
for themselves on our website www.CondoHotelCenter.com.
Once again, to see a detailed data
sheet on the Bilmar Beach Resort, supply
your contact information here.
Maria
Lopez, Sales Associate
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd., Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
Maria@CondoHotelCenter.com
www.CondoHotelCenter.com
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