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| Postcard Inn, St. Petersburg, FL |
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF)
announced it has secured $26.128 million in post-acquisition financing for the Postcard Inn, a 196-room, boutique
resort located on the sand in St. Petersburg Beach near St. Petersburg,
Florida.
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| Dan Peek |
HFF worked
on behalf of the borrower, CRP 6300 Gulf, LLC, to secure the five-year,
floating-rate loan through BankUnited.
Loan proceeds will be used to finance the property following the
borrower’s recent purchase and renovation of the hotel, which the borrower
plans to reposition as a premier beachfront destination.
The Postcard
Inn is situated on an 8.5-acre oceanfront site at 6300 Gulf Boulevard in St.
Petersburg Beach, a barrier island community 10.9 miles from downtown St.
Petersburg and 30 miles from downtown Tampa.
Originally constructed in 1935, the hotel
underwent significant renovations in 2009 to convert it from a Travelodge to
the current boutique hotel with a surfer-inspired motif and individualized
guest rooms.
The Postcard Inn features a junior
Olympic-sized swimming pool with towel service, more than 16,000 square feet of
indoor and outdoor function space, outdoor pool and ping pong tables, two
fitness centers and three dining options, including the PCI Beach Bar &
Snack Shack, the oldest bar on the beach.
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| Scott Wadler |
Other
amenities include a communal fire pit, board games in the lobby, arcade, beach
and watersport activities, live music on weekends and on-site parking.
The property has 300 feet of direct Gulf of
Mexico frontage and in addition to the hotel the site includes 1.17 acres of a
retail strip center, which will be converted into additional meeting space.
The HFF debt
placement team representing the borrower was led by members of the firm’s Miami
and Tampa offices, including senior managing director and head of HFF’s hotel
group Dan Peek, associate director Scott Wadler, director Max Comess and real estate analyst Preston Reid.
“The debt
markets responded aggressively and with great enthusiasm for the project, the
extremely-strong sponsorship and the dynamic St. Petersburg Beach market,”
Wadler said. “We were pleased to close
with BankUnited, who demonstrated creativity and flexibility in their loan
facility to differentiate themselves in a highly competitive marketplace.”
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| Max Comess |
“The
Postcard Inn transaction demonstrates the continued evolution and relevance of
St. Petersburg Beach as a nationally-renowned, institutional-grade resort
market,” Comess added.
“Growth of
Pinellas County’s RevPAR [revenue per available hotel room] continues to
outpace both Florida and national averages.”
HFF is
particularly active in Tampa Bay’s coastal region, where it has recently closed
transactions on hotels such as the Sandpearl Resort, Hyatt Clearwater Beach,
Sheraton Sand Key, Hilton Tampa Downtown and the Residence Inn Clearwater.
For a complete copy of the company’s
news release, please contact:
Kristen M.
Murphy
Associate
Director
HFF | One
Post Office Square, Suite 3500 | Boston, MA 02109
Main:
617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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