NEW YORK—A joint-venture between The LCP Group, L.P. (“LCP”), a vertically integrated, private real estate investment firm specializing in hospitality investing, and Safanad, a real estate and private equity investment firm, announced it acquired the iconic Postcard Inn on the Beach, St. Pete Beach, Florida.
The 196-room oceanfront resort is situated on an expansive 9.64-acre tract with over 300 feet of frontage along the Gulf of Mexico, offering unparalleled access to St. Pete’s renowned beaches. Initially constructed in 1957, Postcard Inn features a lobby café, a full-service restaurant, and 3,880 square feet of combined indoor and outdoor terrace meeting space that can accommodate up to 200 guests. The guestrooms feature a retro throwback feel of a nostalgic American beach vacation, and the hotel offers guests a lively atmosphere with the largest pool on St. Pete Beach.
“Postcard Inn is located in a highly desirable destination market with one of the highest barriers to entry in all of the United States,” said Francis Lively, CEO of LCP. “The hotel is an iconic asset with tremendous upside in a market primed for growth.”
St. Pete Beach is called the “Sunset Capital of Florida” and was ranked in 2021 by TripAdvisor as the #1 beach in America. The hotel’s prime location offers guests access to the traditional amenities of a beachfront property, as well as convenient access to the many cultural and sporting attractions in the rapidly growing Tampa/St. Petersburg metropolitan area. “Combining in-place cash flow, a significant renovation program, and a beachfront location amidst the continued unification of the Tampa & St. Pete metros is a recipe for success,” added Peter Sullivan, COO of LCP.
“Postcard Inn exhibits a rare combination of highly sought-after investment characteristics,” said Tim Fuzesi, Managing Director of Safanad. “Resilient historical cash flows coupled with upside value potential through incremental investment and market growth in an irreplaceable location on the St. Pete Beach beachfront.”
The joint venture plans a comprehensive renovation of the asset to further modernize the guestrooms and enhance the food and beverage offerings. Crescent Hotels & Resorts will manage the asset under the Latitudes Collection umbrella.