Venture buys two Florida resort hotels for $100m

A venture led by Gencom has purchased two resort hotels in St. Pete Beach, Fla., from Excel Hospitality for $100 million.

The transaction comprises the Grand Plaza Hotel and the Beachcomber Beach Resort and Hotel, two waterfront hotels totaling 258 rooms.

The partnership will commit an additional $24 million for major renovations to upgrade and rebrand the two properties.

While both assets will initially remain independent and unbranded, BENCHMARK®, a global hospitality company, has been retained to manage and reposition the two properties on St. Pete Beach, a resort island off the coast of St. Petersburg in Tampa Bay and within the heart of Florida's popular Gulf Coast. Gencom and Benchmark forged a strategic management partnership in 2016.

“The purchase of the two St. Pete Beach properties represents a continuation of our firm's strategy to seek out profitable hospitality investments in locations with strong market fundamentals and opportunities to c