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Florida & Gulf Coast  + Central Florida  + Hospitality  | 
CBRE has arranged a $72.25 million loan for the $83 million purchase of the Postcard Inn on St. Pete Beach, FL.

JV Acquires St. Pete Beach Hotel for $83M with $72M Loan through CBRE

CBRE has arranged a $72.25 million ($369,000 per key) loan for the $83 million ($423,000 per key) purchase of the Postcard Inn, on St. Pete Beach, FL on behalf of a joint venture between The LCP Group, L.P., and private equity firm Safanad.

A CBRE team of Mark Owens, John Avanzino and Sarah Kyllo facilitated the debt financing with investment manager BlackRock on behalf of the buyer. Christian Charre, Paul Weimer, and Ron Danko, also with CBRE, represented the seller, TPG Hotels & Resorts, in the transaction.

The 196-key full-service hotel spans 300 feet along the beach and will undergo a full modernization by the joint venture to capture additional demand and drive higher rate. 

“The irreplaceable nature of the Postcard Inn, strong historical performance and anticipated ROI-driven renovation generated several highly attractive financing proposals,” said Lively.

“This execution only reinforces the strength of the capital markets seeking leisure-driven resorts in supply-constrained coastal markets,” added Owens.


Inside The Story

CBRE's Owens

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition