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Postcard Inn St. Pete Beach resort sells in $83M deal
The nostalgic Postcard Inn resort on St. Pete Beach has been acquired through a joint venture.
A joint venture between The LCP Group L.P. and Safana, both based in New York, bought the 196-room beachfront resort in an $83 million deal from Rhode Island-based TPG Hotels, Resorts and Marinas, a wholly-owned subsidiary of Procaccianti Cos. The deal closed March 1.
“Postcard Inn is located in a highly desirable destination market with one of the highest barriers to entry in all of the United States,” Francis Lively, CEO of LCP, said in the joint venture’s announcement of the acquisition. “The hotel is an iconic asset with tremendous upside in a market primed for growth.”
The entrance of the Postcard Inn in St. Pete Beach. GoogleMaps.
The 104,525-square-foot resort at 6300 Gulf Blvd. is situated on a 9.64-acre tract with over 300 feet of frontage along the Gulf of Mexico. The acquisition includes the full-service restaurant and the adjacent P.S. Grind coffee shop.
The bohemian-style resort, built in 1957, was one of the first St. Pete Beach hotels. TPG Hotels and Resorts purchased the property in 2017 for $47.4 million and has made upgrades to the property since.
The resort offers 3,880 square feet of combined indoor and outdoor meeting space and claims to have the largest heated pool in St. Pete Beach.
The pool at the Postcard Inn in St. Pete Beach. Facebook Image.
“Postcard Inn exhibits a rare combination of highly sought-after investment characteristics,” Tim Fuzesi, managing director of Safanad, said in the announcement. “Resilient historical cash flows coupled with upside value potential through incremental investment and market growth in an irreplaceable location on the St. Pete Beach beachfront.”
The partners plan to renovate and modernize the guest rooms and enhance the food and beverage offerings.
Crescent Hotels and Resorts, which has a U.S. office in Virginia, will manage the asset under the Latitudes Collection umbrella, according to the news release.
Public records show the JV assumed a $72.25 million mortgage from Carbon Capital Vll LLC for the purchase.
