On March 9, 2007, the "St. Petersburg Times" reported that Legg Mason had entered into a purchase contract for the hotel, with the intent of preserving it. "Executives with Legg Mason Real Estate Investors would not disclose the proposed purchase price or the closing date, but said in a written statement they had a contract to buy the resort and intend to preserve the 110-year-old hotel," the "Times" reported. Legg Mason engaged the services of historic preservation architect Richard J. Heisenbottle, FAIA to prepare restoration and re-development plans for the project. In May 2008, the Town of Belleair approved Heisenbottle's plans to restore and expand the hotel, which included a new spa and underground garages, following purchase of the property by Legg Mason Real Estate Investors (now Latitude Management Real Estate Investors) for $30.3 million.