Hotel group secures $20M for Cordova Inn expansion

The group behind the historic Cordova Inn boutique hotel, the oldest hotel in St. Petersburg, has executed a $20 million loan for a major expansion.

Largo-based TDZ Capital, under the TDZ Cordova entity that’s part of the New Hotel Collection management group, secured the $20 million loan on Feb. 3 from Oklahoma-based Firstar Bank, according to public records.

“We have an existing relationship with Firstar Bank. Our loans have performed very well with them. They were aggressive in getting our business for the Cordova Inn,” New Hotel Collection founder and CEO Tommy Del Zoppo said.

New Hotel Collection’s other properties include a hotel within the Harbourside Resort in Indian Rocks Beach, the Beachside Resort in Indian Shores and The Historic Central Hotel in Sevierville, Tennessee.

In 2021, New Hotel Collection and TDZ Capital purchased the 32-unit Cordova Inn hotel and the adjacent apartments at 225 3rd St. North.

Today, the site by the hotel is a dirt lot, the New Hotel Collection and its partners razed the Stanton Apartments and Stanton Hotel to make way for the expansion of the 12,200-square-foot Cordova Inn.

Rendering of Cordova Inn’s expansion. Image provided by Place Architecture.

A new five-story building with 62 rooms will be built at the site, creating a total of 50,400 square feet for the hotel’s operations.

While the existing 102-year-old hotel and new building cannot touch, due to the historical designation, Del Zoppo said they will take advantage of the open space between the buildings.

The Cordova Inn. Photo: Veronica Brezina

“When we first talked with the city, they said we can’t have the buildings connect, so we are now creating a Zen garden between the buildings that will serve as a public gathering space,” Del Zoppo said, describing the envisioned lush scenery.

There will be a private area overlooking the garden that can accommodate 60 people, allowing the space to function as an event venue.

The new structure will also provide other amenities, such as a rooftop bar and restaurant. Del Zoppo said they are very close to inking a deal with a restaurant operator to bring a unique concept.

Additionally, the rooms in the building will offer flexible space, including the planned three 750-square-foot penthouse units, which can be expanded to 1,500 square feet.

Tampa-based Reno Boyd Building Co. is the general contractor leading the construction, which is set to commence this month.

Tim Clemmons and Greg Glenn of Place Architecture are leading the design.

“The great thing about this is it’s a white sheet of paper – there are many new designs we can incorporate,” Del Zoppo said, noting how it will complement the Cordova Inn’s architecture.

The expansion, which includes additional parking, is on track to be completed by the second quarter of 2024, as a construction project of this size typically takes 14-18 months to complete.