ST. PETE BEACH, Fla. — The iconic Postcard Inn On The Beach resort in St. Pete Beach has been sold in a multi-million dollar deal.
The LCP Group, a private real estate investment firm out of New York, and Safand, a real estate and private equity investment firm, acquired the 196-room oceanfront resort as part of a joint venture.
“Postcard Inn is located in a highly desirable destination market with one of the highest barriers to entry in all of the United States,” Francis Lively, CEO of LCP said in a written statement. “The hotel is an iconic asset with tremendous upside in a market primed for growth.”
Postcard Inn has been a staple in the Tampa Bay area for decades. Initially constructed in 1957, the resort features a lobby café, more than 200 feet of frontage along the Gulf of Mexico and a full-service restaurant.
"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," a press release reads.
Postcard Inn also boasts a retro and nostalgic feel and reportedly has the largest pool in St. Pete Beach for vacationers. It also doesn't hurt that the resort calls TripAdvisor's 2021 #1 Beach in America home.
“Postcard Inn exhibits a rare combination of highly sought-after investment characteristics,” Tim Fuzesi, Managing Director of Safanad said in a written statement. “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.”
According to a press release, a comprehensive renovation is in store for the Postcard Inn with the modernization of guestrooms and enhancing of food and beverage offerings.
Crescent Hotels & Resorts will manage asset under the Latitudes Collection umbrella. The Postcard Inn was sold a previous time in 2017 for $47.4 million, per Pinellas County property records
