Decent Sum Surfs into St. Pete Beachfront Resort
- Jun 23, 2015
A 196-room boutique resort hotel in St. Petersburg Beach has recently received a generous financing, shortly after it changed hands. According to data from Property Shark, the current owner purchased the hotel from St Pete Partners, LLC for $32.5 million in early 2015. The new owner plans to reposition the hotel as a premier beachfront destination.
Senior Managing Director Dan Peek, Associate Director Scott Wadler, Director Max Comess and Analyst Preston Reid of HFF’s Miami and Tampa offices led the debt placement team that represented the borrower, CRP 6300 Gulf, LLC, and secured an amount of $26.128 million in post-acquisition financing. The five-year, floating-rate loan was provided by BankUnited and loan proceeds will be used to finance the property following its purchase and renovation.
Originally constructed in 1935 on an 8.5-acre oceanfront parcel at 6300 Gulf Blvd., the hotel went through a series of renovations in 2009 when it obtained its surfing-inspired character and became the boutique hotel now known as the Postcard Inn. The hotel’s list of amenities includes a junior Olympic-sized swimming pool, as well as over 16,000 square feet of indoor and outdoor function space, two fitness centers and three on-site restaurants. The site also features a retail strip center sitting on 1.17 acres of land. The retail asset will be converted into additional meeting space.
Image source: postcardinn.com (archive)