About Us

TJM has acquired over 1,000 properties since inception in 1979

History

Through its various entities, TJM has been investing in real estate for over 40 years.

Residential: Southside Contractors, Inc. (1979 – 1999)

Established in Orlando FL, Southside Contractors, Inc. focused on purchasing dilapidated apartments and single family homes with plans to renovate the properties and position them to be rented or refinanced. As the company grew, it expanded to nearby markets Tampa and St. Petersburg FL, and began selling homes instead of renting. At the height of the company’s success it was purchasing, renovating, and selling over 100 homes a year, while still holding and managing a pool of rental properties. As the company grew, it shifted its focus from single family homes to larger commercial buildings around downtown St Petersburg, and became McCarthy Properties.

Commercial: McCarthy Properties (1984-present)

As Southside Contractors, Inc. shifted its concentration from residential real estate to commercials buildings, it formed the company McCarthy Properties and purchased the historic Dennis Hotel in downtown St Petersburg. After renovations to the building in 1985, it became The McCarthy Hotel. The hotels success led to McCarthy Properties acquiring several surrounding buildings like The Central Hotel, The Crest Hotel, and creating St Petersburg’s first Hostel. As the residential real estate market was slowing down in the late 1980s, McCarthy Properties was positioned well to grow the commercial side of the business. From the late 1980s through the mid 1990s, McCarthy properties grew its commercial portfolio to over 500 units in downtown or around St Petersburg with the additions of The Avalon Hotel, The Bay Plaza Hotel, The Stanton Hotel, The Stanton Apartments, The Whitney Hotel, The Hunt Apartments, and the Randolph Hotel.  The success of these additional assets created incredible cash flow into the 2000’s and allowed McCarthy Properties to operate them debt-free and strategically hold them long term while the surrounding areas grew in value. In 2000, this cash-flow allowed McCarthy Properties to purchase 2 of the largest buildings in downtown Clearwater, and create TJM Properties Inc.

Retirement Communities: TJM Properties Inc. (2000 – Present)

In 2000, TJM Properties was created and became the parent / umbrella company after the purchase of its flagship building – The Oaks of Clearwater. This innovative acquisition involved the purchase of the notes to 2 different 15 story towers along the intercostal waterways of Clearwater, FL. At closing, TJM simultaneously sold the vacant Oak Cove Tower, and retained the Oaks of Clearwater building – 314 units situated on 5 waterfront acres overlooking the famous Clearwater Beach. At the time of purchase, the property was being operated as a Continued Care Retirement Community (CCRC), and TJM transitioned the property to a rental community that still provided all 3 levels of care – Independent, Assisted, and Skilled Nursing. This strategy, along with the operational efficiencies established by management rapidly turned the property around, and increased the net income by 3x. As TJM quickly realized the success of this business plan, they instituted the help of the executive director of The Oaks, and decided retirement communities would be their new concentration. TJM acquired its second community, Spring Haven – a 300 unit independent and assisted living facility situated on 17 lakefront acres in Winter Haven FL.  In a similar fashion, once TJM took over the management of the asset, they were able to quickly reposition a struggling property into profitability. Using this approach, TJM was able to refinance the properties as they became more profitable and pull equity out which enabled them to make additional acquisitions.

Within the next 8 years, TJM acquired and deployed their management strategy to an additional 17 facilities, bringing the entire portfolio to 19, and becoming one of the largest privately owned retirement community businesses in the Southeastern US with a company net income of over $24,000,000 per year. In 2012 as acquisition opportunities were slowing down, and more companies were noticing the value in these types of assets, TJM began to receive solicitation from several large Private Equity Firms and national REITS to purchase the company. Ultimately this culminated in TJM deciding to sell 15 of its facilities in August of 2013 for $220,000,000 –  representing one of the largest private company sales in Pinellas County history. As part of the sale, TJM retained 4 of it facilities including its 2 flagship properties – The Oaks of Clearwater, and the Princess Martha: a grand historic hotel built in 1924 in the heart of St Petersburg, FL. The capital from the portfolio sale combined with less properties to manage, allowed TJM the opportunity to focus on the hotel business it started in 2010, TJM Hotels and Resorts.

Hotels: TJM Hotels and Resorts, 2010 – current

TJM’s founder: Terence McCarthy has been involved in the hotel business his entire career. Following the 2008 recession, and as banks were trying to figure out what to do with their REO’s, TJM began to look into acquiring limited service hotels that were in foreclosure or bankruptcy. This led to the purchase of 3 hotels consecutively along the west coast of Florida: a Howard Johnson in Lakeland, FL, a Quality Inn in St Petersburg, and a Baymont Inn in Fort Myers.  Since all 3 properties were distressed and in need of repositioning, TJM created its own, in house management company to turn around the operations. TJM then added 2 beachfront properties in Pinellas county to its hotel portfolio: The Belleair Beach Club – a 42-unit hotel located in Belleair FL, with plans for a condo / timeshare conversion, and The Treasure Island Ocean Club – an Old Florida style hotel sprawled across 300 feet on the Gulf of Mexico which TJM would manage until the time was right for development. Concurrently, as the portfolio sale of the retirement communities was being finalized, TJM started searching for larger hotel acquisition opportunities across the eastern US.

In 2014 TJM acquired its first full-service hotel from Caesars Entertainment with the purchase of The Claridge Hotel, a 500-room historic hotel located directly on the Atlantic City Boardwalk. Built in 1929, The Claridge was one of the original casinos in Atlantic City with notable famous guests such as Marilyn Monroe, Al Capone, and Frank Sinatra. Subsequently, TJM temporarily closed the property for extensive renovations, and reopened as a stand-alone boutique hotel, although still connected to the Bally’s Casino by breezeway. After developing a good standing relationship with Caesars through the purchase, TJM capitalized on another opportunity and acquired its second property from them on the Atlantic City Boardwalk: The Atlantic Club Casino. Originally built by Stephen Wynn as The Golden Nugget, TJM purchased this 800-room property with plans to quickly resell. TJM then acquired its 3rd property from Caesars Entertainment, and largest property to date: The Harrah’s Resort Tunica Mississippi. This unique property sits across 2200 acres, and features over 1200 hotel rooms, an 18-hole golf course, 800 acres of private hunting with a shooting range, a 200 space RV park, a convention center, kids play center, and a commercial laundry facility. TJM had no desire to operate an asset of this size, and wanted to instead flip the property for a quick exit and profit. TJM sold the Atlantic Club for a 200% ROI, and the Tunica property for a 500% return. After finishing the renovations and starting up the operations at The Claridge Hotel, TJM Hotels and Resorts LLC, was officially established, and began to grow with a focus on full-service assets, including the acquisitions of The Radisson Hotel in Philadelphia PA, The Crowne Plaza in Syracuse NY, and The Crowne Plaza in Columbus Ohio. These 4 hotels remain in the TJM full-service portfolio and are managed out of the corporate headquarters in Clearwater Florida.

The Future

TJM continues to own and operate multiple different classes of real estate including senior living, hotels, office, multi-family, restaurants, and land for future development. TJM had accumulated multiple restaurants and flat parking lots in the heavily trafficked Johns Pass, FL area with plans to develop a condo/hotel and waterpark. After getting entitlements and zoning approvals, TJM decided to forgo the development itself, and instead sell the project to another group for profit. TJM’s Treasure Island hotel also sits on 300 feet of beachfront land, and after operating the property for 8 years with plans to develop, TJM similarly lined up the entitlements, and has since sold the property to a developer for a 300% ROI. TJM is currently holding a prime 2 ½ acres of waterfront land in Clearwater, FL next to The Oaks property, that can be used for a future development of over 160 residential units. An entity of TJM is in the process of developing 2 residential neighborhoods in the growing Panhandle area of Florida.

Looking forward, TJM plans to continue the path of operating its top-quality assets of all types, as well as searching for prime real estate opportunities to optimize return through repositioning, entitlement, or development.

TJM Properties and its affiliates have acquired, managed, brokered, and redeveloped real estate throughout the eastern United States since 1979. With dwellings that range from suburban single-family homes to high-rise buildings around downtown cityscapes. TJM has acquired over 900 properties since 1979.

With an initial focus on redeveloping downtown properties, TJM began converting historic hotels into adult congregate facilities in 1984. The company further expanded in 1986 by starting its housing division, Southside Contractors, Inc., to purchase and renovate older homes for resale. By the late-1980’s, Southside Contractors was acquiring an average of over 100 homes a year. Riding this wave of success, TJM continued to grow and enhance its portfolio throughout the 1990’s by focusing on purchasing and converting a number of older hotels and apartment buildings into residential hotels.

In 2001, TJM purchased two large senior living towers in downtown Clearwater, Florida. The smaller of the two was closed and resold shortly after the purchase. The other building, The Oaks of Clearwater, stands today as TJM’s marquis senior property, with unsurpassed views of Clearwater Bay and impeccable grounds.

Following the acquisition of The Oaks, TJM concentrated on building a senior housing portfolio and acquired 18 more facilities in the next 10 years, becoming one of the largest privately held independent and assisted living owners in the Southeast. In 2013, a large R.E.I.T. made an offer to purchase 15 of these facilities for $220,000,000; ranked as one of the largest privately held company sales in Pinellas County history.

In 2010, due to a depressed hotel market, TJM started a hotel acquisition company and purchased three Flag hotels from bankruptcy with plans on growing the hotel side of the business.

After the sale of the 15 senior living properties, towards the end of 2013, TJM contracted to purchase the Claridge Hotel in Atlantic City on the famous boardwalk. It closed the hotel, renovated it and opened it in June 2014. During that time, TJM also purchased the Atlantic City Hotel in Atlantic City to reposition and sell.

TJM has purchased three other large full service hotels in the Eastern United States with plans to increase their holdings.