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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.
- ◦Sale/Acquisition
