HFF secures $26.128 million post-acquisition financing for beachfront hotel near St. Petersburg, Florida
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that 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.
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. 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.”
“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.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.