Postcard Inn on St. Pete Beach sold for $83 million
By Breanne Williams
Tampa Bay Business Journal
Published: Mar 10, 2022

The Postcard Inn on the Beach at St. Pete Beach has sold to a joint venture partnership that's planning to renovate the beachfront resort.

LCP Group and Safanad, both based in New York, paid $83 million or $423,469 per key for the 196-room hotel at 6300 Gulf Blvd. It has 300 feet of frontage along the Gulf of Mexico and includes a lobby café, restaurant and 3,880 square feet of indoor/outdoor terrace space.

The seller was Procaccianti Cos., a subsidiary of Rhode Island-based TPG Hotels, Resorts & Marinas, according to Pinellas Couty property records.

According to LCP, the group plans “a comprehensive renovation of the asset to further modernize the guest rooms and enhance the food and beverage offerings.”

“Postcard Inn exhibits a rare combination of highly sought-after investment characteristics,” Tim Fuzesi, managing director of Safanad, said in a statement. “Resilient historical cash flows coupled with upside value potential through incremental investment and market growth in an irreplaceable location on the St. Pete Beach beachfront.”

The 104,525-square-foot hotel lies on a 9.64-acre tract and was built in 1957, according to property records. The group took out a $72.25 million mortgage from Carbon Capital VII LLC, according to filings with Pinellas County.

Crescent Hotels & Resorts will manage the asset under the Latitudes Collection umbrella.

“Postcard Inn is located in a highly desirable destination market with one of the highest barriers to entry in all of the United States,” Francis Lively, CEO of LCP, said in a release. “The hotel is an iconic asset with tremendous upside in a market primed for growth.”