Holliday Fenoglio Fowler, L.P. (HFF) announces the sale and financing of the Postcard Inn on the Beach, a 196-room, recently renovated, beachfront hotel in the Tampa-area community of St. Pete Beach, Florida.
The HFF team marketed the property on behalf of the seller, The Carlyle Group. Procaccianti Companies purchased the asset free and clear of debt and unencumbered of management. TPG Hotels & Resorts, the firm’s hospitality management affiliate, will manage the property. Additionally, working on behalf of the new owner, the HFF team placed the seven-year, fixed-rate loan with BankUnited, FSB. In 2015, the HFF team secured acquisition and renovation financing for the seller in a previously announced transaction.
Originally constructed in 1957, the Postcard Inn on St. Pete Beach recently completed a series of substantial renovations over the past few years to modernize the guestrooms and common areas. The pet-friendly boutique hotel features one-of-a-kind “surfer chic” guest rooms, 300 feet of beach frontage on the Gulf of Mexico, an outdoor pool, Tiki pavilion, two fitness centers, beach volleyball, pool and ping pong tables and books and board games in the lobby. The 4,684 square feet of indoor and 9,856 square feet of outdoor meeting space are well positioned to accommodate special events and weddings. Food and beverage options include the Boathouse Kitchen & Bar as well as the PCI Beach Bar, the oldest bar in St. Pete Beach. Additionally, an adjacent 1.24-acre lot has been fully approved and permitted for a structured parking facility to provide 346 parking stalls and 4,460 square feet of additional conference and meeting space. Situated on an 8.02-acre oceanfront site at 6300 Gulf Boulevard in St. Pete Beach, the Postcard Inn is 15 minutes from downtown St. Petersburg and 30 minutes from Tampa International Airport.
The HFF investment advisory team representing the seller included senior managing director and head of HFF’s hotel group, Daniel C. Peek, directors Preston Reid and Alexandra Lalos and associate Wyatt Krapf.
The HFF debt placement team included senior directors Scott Wadler and Lauren O'Neil.
“The Postcard Inn transaction further solidifies the position and reputation of the beach markets in greater Tampa Bay as key targets for institutional hotel investors,” Peek said. “We were pleased to work with teams of great professionals on all sides of this important transaction.”
“Investment opportunities in the St. Pete Beach lodging sector are extremely limited, as institutional sales are rare and high barriers-to-entry inhibit new development,” Reid added. “As a result, Postcard Inn received an abundance of interest from an array of investors.”
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $174 billion of assets under management across 306 investment vehicles as of September 30, 2017. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,550 people in 31 offices across six continents.
About Procaccianti Companies
Procaccianti Companies is a diversified real estate investment and services organization. The firm, founded in 1958, is headquartered in Cranston, Rhode Island. Procaccianti Companies focuses on core, core plus, value add and opportunistic investments in all sectors of real estate. Throughout nearly six decades and hundreds of transactions across the United States, Procaccianti Companies has established an extensive network of financial, brand, broker, and investment partners that enables the company to deploy its vertically integrated platform of operating companies to maximize yields, drive asset value, and deliver above-market risk adjusted returns.
About TPG Hotels & Resorts
Pre-approved by all the leading global hotel brands, TPG Hotels & Resorts is an operator of hospitality assets across all chain scales with an historical operating platform of over 150+ branded, independent and boutique hotels comprising more than 25,000 guestrooms in 30 states. Today, TPG Hotels & Resorts is the 8th largest hotel management company in U.S. generating over $840 Million in annual revenue (ranked by guestrooms – Hotel Management Magazine 2017). TPG is a fully integrated hospitality management company actively engaged in hotel operations, development and acquisition/asset repositionings across the country. For more information please visitwww.TPGHotelsandResorts.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information please visithfflp.com or follow HFF on Twitter @HFF.