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Foreign investor with JV partner buys hotel in Florida
Transactions - MARCH 14, 2022

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Foreign investor with JV partner buys hotel in Florida

by Released

A joint venture between hospitality-focused The LCP Group and New York and Dubai-based private-equity firm Safanad has acquired the Postcard Inn, St. Pete Beach, Fla. CBRE has arranged a $72.25 million ($369,000 per key) loan for the $83 million ($423,000 per key) purchase.

The seller was TPG Hotels & Resorts.

The 196-key full-service hotel spans 300-plus feet along the No. 1-ranked U.S. Beach in 2021, according to TripAdvisor, and will undergo a full modernization by the joint venture to capture additional demand and drive higher rate.

“This execution only reinforces the strength of the capital markets seeking leisure-driven resorts in supply-constrained coastal markets. With over $4.5 billion of closed hospitality financings by our team since the onset of the pandemic, it is evident that the appetite for hospitality and the yield it provides is incredibly attractive,” said Mark Owens, co-head of debt & structured finance for CBRE Hotels.

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