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Co-Founder Of BET To Acquire Innisbrook
By MICHAEL SASSO
Tampa Tribune
Published: Jun 28, 2007

The co-founder of Black Entertainment Television is purchasing one of the Bay area's most prestigious resorts, Innisbrook Resort and Golf Club, for $35 million.

For now, Sheila C. Johnson is keeping mum about her plans for the resort.

Through her various companies, Johnson put a nonrefundable $3 million deposit on the Palm Harbor resort. The seller is Golf Trust of America, a South Carolina company that took over the resort in 2004. Technically, the buyers are three companies controlled by Johnson: Salamander Innisbrook Securities, Salamander Innisbrook Condominium and Salamander Innisbrook LLC.

Prem Devadas, president of Salamander Hospitality, which oversees the hospitality holdings, said the sale should close by July 16.

Because of a confidentiality agreement, Devadas wouldn't comment on his company's plan for Innisbrook, but he said it would release more details next month.

"Innisbrook is a great opportunity to take a place that has a recognized golf name and turn it around," Devadas said.

For its $35 million, the Salamander companies will pick up four 18-hole golf courses, including its signature Copperhead course. Copperhead hosts the annual PODS Championship PGA Tour event. The companies also pick up 60,000 square feet of conference space, three golf clubhouses, five restaurants, a tennis center and swimming pools. They also will acquire a management contract that allows them to manage the resort's 625 condos.

Johnson and her former husband, Robert Johnson, founded BET in 1979. Today, she has two resorts in the mid-Atlantic region, as well as partial ownership of the Washington Wizards NBA team, Washington Mystics WNBA team and Washington Capitals NHL team.

Reporter Michael Sasso can be reached at msasso@tampatrib.com or (813) 259-7865.



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