The nostalgic Postcard Inn complex on St. Pete Beach was acquired through a joint venture.
A joint venture between The LCP Group LP and New York-based Safana has bought the 196-room beachfront resort in an $83 million deal from TPG Hotels, Resorts and Marinas , based in Rhode Island, a wholly owned subsidiary of Procaccianti Cos. The deal closed on 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,” said Francis Lively, CEO of LCP, in the announcement of the acquisition. by the joint venture. “The hotel is an iconic asset with huge upside in a market poised for growth.”
The 104,525 square foot complex located at 6300 Gulf Blvd. is located on 9.64 acres of land with over 300 feet of frontage along the Gulf of Mexico. The acquisition includes the full-service restaurant and adjacent coffee shop PS Grind.
The bohemian-style resort, built in 1957, was one of the first hotels on St. Pete Beach. TPG Hotels and Resorts bought the property in 2017 for $47.4 million and has been making improvements 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 on St. Pete Beach.
“Postcard Inn presents a rare combination of highly sought after investment features,” Safanad Managing Director Tim Fuzesi said in the announcement. “Resilient historic cash flow coupled with upside potential through additional investment and market growth in an irreplaceable St. Pete Beach waterfront location.”
The partners plan to renovate and modernize the rooms and improve the catering offer.
Crescent Hotels and Resorts, which has a US office in Virginia, will manage the asset under the Latitudes Collection umbrella, according to the press release.
Public records show the joint venture assumed a $72.25 million mortgage from Carbon Capital Vll LLC for the purchase.