CBRE Arranges $72.2M Loan For Acquisition And Renovation Of The Postcard Inn, St. Pete Beach, FL
| DALLAS–CBRE has arranged a $72.25 million ($369,000 per key) loan for the $83 million ($423,000 per key) purchase of the Postcard Inn, St. Pete Beach, FL on behalf of a joint venture between hospitality-focused The LCP Group, L.P. (“LCP”), and New York and Dubai-based private equity firm Safanad.
The 196-key full-service hotel spans 300+ feet along the #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. The CBRE Hotels Debt & Structured Finance team of Mark Owens, John Avanzino and Sarah Kyllo facilitated the debt financing with the world’s largest investment manager, BlackRock, on behalf of the buyer. Christian Charre, Paul Weimer, and Ron Danko of CBRE Hotels represented the seller, TPG Hotels & Resorts, in the transaction. “The irreplaceable nature of the Postcard Inn, strong historical performance, and anticipated ROI-driven renovation generated several highly attractive financing proposals,” said Francis Lively, Chief Executive Officer and President of LCP. “CBRE’s in-depth understanding of the market, combined with their relationship with the seller, resulted in an incredible execution in today’s market. We are excited to work with the CBRE team in the future.” “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. The Postcard Inn, St. Pete Beach, FL is part of the broader Pinellas County, 10 minutes from 200+ diverse companies |