The Commercial Real Estate Alpha Site

By Frances McMorris  –  Reporter, Tampa Bay Business Journal

A northeastern real estate investment and services firm has acquired the Postcard Inn on St. Pete Beach for $47.4 million.

TPG Hotels & Resorts, a wholly-owned subsidiary of Procaccianti Cos. of Cranston, Rhode Island, acquired the 196-room property at 6300 Gulf Boulevard, St. Pete Beach. The seller was The Carlyle Group, which originally purchased the property in 2015 for $32.5 million.

“With its irreplaceable beachfront location, the Postcard Inn is a wonderful addition to our national portfolio” said Rob Leven, chief investment officer for Procaccianti Cos., in a statement on the firm’s website.

TPG closed on the purchase of Postcard Inn Oct. 19. The Carlyle Group is a Washington, D.C.-based alternative asset management firm.

“The Carlyle Group made significant enhancements to the Postcard Inn and the time was right for its sale to TPG Hotels, which has plans to continue to improve the property and take the guest experience to the next level,” said Dan McCawley, a shareholder with law firm, Greenberg Traurig, P.A., which represented Bank United in its $34 million loan to TPG Hotels & Resorts for the purchase of the inn. “The sale clearly demonstrates that Hurricane Irma hasn’t scared investors away from purchasing beachfront property; the market remains strong due to its limited supply.”

The loan includes several million dollars that will be used for upgrades to the 196-room Art Deco property on 8.5-acres. It was built in 1957.

McCawley, based in Greenberg Traurig’s Fort Lauderdale office as part of its real estate practice, had also represented Bank United in connection with a loan to The Carlyle Group when it originally purchased the property in 2015.

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