The Opportunity

In 2004 JMC Communities and Greenfield Partners, a well-respected multi-family residential developer located in Clearwater Beach, Florida, and Investment Fund, respectively, selected Coral Hospitality as its luxury, independent, resort hospitality partner. Coral was tasked with assisting in the concept, design, technical services, pre-opening, and operation of this world-class, mixed-use project. JMC and Greenfield’s selection of Coral was based on Coral’s well-earned reputation as an industry leader in destination resort management, hospitality association management and its ability to seamlessly integrate the components of a luxury, mixed-use complex and create a successful project for residential owners, resort guests and ownership. The Sandpearl Resort & Spa consisted of 203 wholly owned resort units, 50 residential condominium-hotel units participating in the resort’s rental program, a 143-unit, high-end residential tower and a full complement of high-end amenities and retail operations. The complex would be the first major resort development on the West Coast of Florida in years, creating Florida’s newest luxury destination resort.

The Vision

Coral Hospitality would work with the development team in the concept, design and creation of a world-class destination resort and residential development. The property would be a “Tommy Bahamas Ritz Carlton” where relaxation met sophistication. The project would bring a much-needed luxury option to Tampa’s local beach and the West Coast of Florida, taking advantage of large population centers and unfulfilled demand. Every aspect of the guest experience would be scrutinized in every possible way in the design and concept stages to ensure guests and residents realized exceptional, memorable experiences from their arrival to they received a warm goodbye. It would be designed as a resort and residences where family and business travelers felt as if they were returning “home” to Sandpearl Resort, Residences & Spa.

The Results

Populated with many middle market brands from Hilton to Marriott, Clearwater Beach was desperately void of a luxury, independent destination resort. The top-end of the Clearwater Beach resort market

operated at a 76% occupancy and a $175 average rate. With the vision and operational expertise of Coral Hospitality, Sandpearl delivered first-class products, amenities, and personalized services in a relaxed environment of sophistication. Coral was creating a Florida landmark resort that not only competed regionally, but also nationally against some of the finest luxury properties to include: The Breakers in Palm Beach, Florida, The Ritz Carlton in Naples, Florida and The Don Cesar in St. Pete Beach, Florida. The vision and designs became reality in late 2007 with first-year occupancy of 71.9% and an average rate of $278.96, exceeding all expectations of ownership and professional underwriters.

Throughout the development of the project, Coral Hospitality ensured that the integration of the residential development with the for-profit components of the complex were seamless and well-structured. This included working with legal counsel to craft “workable” association structures, shared component agreements and condominium documents. Residential programming was extensively emphasized, allowing residential owners to be an integral part of the resort lifestyle and to take advantage of the experiences that the resort could add to the value of their residential ownership. Some of these experiences included private in-residence cooking classes, pre-arrival grocery and provisions services, in-residence dining, dedicated concierge travel services, and special resident events. The concerted efforts from the initial planning stages and the emphasis on taking care of the residential owner allowed for positive relationships, increased revenue opportunities, top-tier community perception, the accelerated sell-out of the residential component and increased real estate values.

Service, service and more service – Coral Hospitality implemented a specially tailored “Polishing the Pearl” training program and culture that filtered through the entire organization, touching each and every guest and resident. From pleasant greeters in the lobby to the VIP check-in for all, guests and residents knew that Sandpearl was something special. Coral’s demand for beyond-exceptional service was rewarded 18 months after opening when Sandpearl was recognized as the 28th-ranked resort in North America by Conde Nast, the highest such ranking for any newly opened property in 10 years.