We have some excellent 4 star hotels, but so far, not a 5 star hotel. Developer Sandip Patel from Clearwater may be razing the Radisson Bay Harbor Hotel at Rocky Point and building a Ritz-Carlton – he says he’s close to finalizing negotiations.

The Ritz-Carlton Tampa project would encompass two 18 story towers: one would include 274 hotel rooms and 48 residential units and the other would have 136 condominium units. Condos associated with the Ritz-Carlton have proved very successful in other areas. Look for word by the end of July. If that timetable is met, construction would start in 2008 and completion would be in 2010.

According to Ernst & Young, a Ritz-Carlton hotel can cost $400,000 per room, or more. Using the industry’s rule of thumb, that would translate into hotel rooms charging an average of at least $400 per day.

Any bets that the Ritz condos will trump Trump Tower? A local law firm took out a display ad recently in search of clients who had made deposits on the Tampa Trump Tower.

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