Dealmaker: CBRE Arranges $72M for South Florida Hotel

CBRE, Dallas, arranged a $72.2 million loan for the Postcard Inn on St. Pete Beach, Fla., on a barrier island west of St. Petersburg.

A joint venture between hospitality-focused The LCP Group LP, White Plains, N.Y., and New York- and Dubai-based private equity firm Safanad acquired the property for $83 million, or $423,000 per key.

The 196-key full-service hotel in Pinellas County spans 300-plus feet of beachfront. The new owners plan modernization to capture additional demand and drive higher room rates. 

Christian Charre, Paul Weimer and Ron Danko of CBRE Hotels represented seller TPG Hotels, Resorts and Marinas, Cranston, R.I., in the transaction. A CBRE Hotels Debt & Structured Finance team led by Mark Owens, John Avanzino and Sarah Kyllo secured the debt financing from BlackRock, New York.

LCP CEO and President Francis Lively said the Postcard Inn’s strong historical performance and anticipated renovation generated several attractive financing proposals

“This execution only reinforces the strength of the capital markets seeking leisure-driven resorts in supply-constrained coastal markets,” Owens said.