Newly built hotel in downtown St. Pete has sold
By Breanne Williams
Tampa Bay Business Journal
Published: Mar 1, 2023

A newly built hotel in downtown St. Petersburg has been sold to a South Carolina investor.

OTO Development, which is part of The Johnson Group, said Wednesday it has purchased the AC Hotel by Marriott at 110 Second St. N in St. Pete’s waterfront arts district.

A purchase price was not disclosed, and a deed for the transaction has not yet been filed. Preston Reid, who recently joined Hodges Ward Elliott as managing director, brokered the sale.

The eight-story hotel is the hospitality portion of Ascent St. Petersburg, a 36-story apartment tower. The hotel has 172 rooms — 12 of which are suites — as well as 2,500 square feet of activated shared space and 1,800 square feet of meeting and event space. Amenities include a fitness center and an outdoor pool.

AC Hotel by Marriott St. Petersburg Downtown is now the seventh AC Hotel in OTO Development’s portfolio and its fourth acquisition in the Tampa Bay region. Its other properties here include Hilton Garden Inn St. Pete Beach, Hampton Inn and Suites in Ybor City and DoubleTree Beach Resort on North Redington Beach.

“This AC Hotel is the perfect complement to St. Pete’s lively downtown vibe,” general manager Ben Walters said in a release. “The overall design balances form and function, while small details provide an authentic sense of place. Whether you’re in town to work or play or a bit of both, we’re an easy walk to everywhere — but with our lively AC Lounge in the lobby and our rum-drenched restaurant on the roof, you might not want to go anywhere else.”

The seller was the project’s developers, Greystar Real Estate Partners and Concord Hospitality. Greystar was the general contractor, and partners include R2L Architecture, DLR Group and Ellis Adams Group.

The hotel includes the brand’s signature AC Kitchen and an AC Lounge. The eighth-floor rooftop features Cane & Barrel, a Cuban-inspired restaurant and bar.