The Clearwater Beach Resort and Hotel is scheduled to open in the spring of 2011.

CLEARWATER (Bay News 9) -- A resort hotel to be built on the property that used to house the Spyglass Hotel on Clearwater Beach will cost about $215 million, a broker and realtor involved in the deal told Bay News 9 in an exclusive interview.

The Spyglass Hotel was imploded on live television Wednesday night as Illusionist Criss Angel escaped from the 37-year-old hotel.

The developers originally planned condos for the site. It was going to be called the Kiran Grand and Spa. But the developers recently scrapped that plan for a resort hotel.

"With all the condos that were developed - that depleted the hotel market," said Tony Everett, a broker and real estate agent who has worked on other big projects in the Bay area. "So, they thought this would be a home run, and it is."

Everett represents Related, which is the lead developer. Fuel Group represents Dr. Kiran Patel, who owns the beachfront property. Everett says she brought all three players together to make the resort hotel deal happen.

The resort will have 250 hotel rooms and 200 timeshares. Everett said all the timeshares have already been sold.

The Clearwater Beach Resort and Hotel is scheduled to open in the spring of 201