St. Pete’s historic Ponce de León Hotel sells

The Ponce de León Hotel, the Spanish Mission Revival building built in the 1920s, has a new owner.  

Hotel owner Savni Bakrac sold the property at 95 Central Ave. to an entity connected to Sarasota-based hotel development group Kapstones Holding Inc., for $4.5 million.  

A source familiar with the sale confirmed it was for the entire hotel property, and the new owners plan to renovate the historic building. 

The property has an assessed value of roughly $3.6 million and a market value of $4.45 million, according to the property appraiser’s website. 

Bakrac and executives from Kapstones were not immediately available for comment regarding the sale, which was executed Dec. 29. 

The duo has an existing business relationship as the 11-story, 92-room Galaxy Hotel in downtown St. Petersburg, at 101 3rd Ave. N., is a concept of Bakrac’s and is listed as one of Kapstones properties within its portfolio. 

While the new owners are reportedly planning to renovate the hotel, the plans must receive approval from the city’s community planning and preservation commission as there are restrictions to historical structures, said Will Michaels, who serves on the commission. 

The Ponce de León, named after Spanish explorer Juan Ponce De Leon and constructed by George Feltham, was the first high-rise to sit along the St. Petersburg waterfront. 

The building features a ground floor lobby with a mezzanine and a business center. The upper five floors contain 79 guest rooms, according to the hotel’s website. 

Baseball icon Babe Ruth, among other athletes, stayed at the hotel. The Ponce de León also housed soldiers during training for WWII. 

Per the acquisition agreement for the Ponce de León, the existing leases will transfer to the new owner, according to a source, including the lease for Fortu. 

Fortu is an elevated pan-Asian steakhouse concept created by Shan Bakrac, the hotel owner’s son, who also runs Top Slice Pizzeria and Black Cattle Burger in St. Petersburg. 

Fortu will occupy the former Ceviche space on the first floor.