The Kolter Group acquired the Hilton St. Petersburg Bayfront from Ashford Hospitality. The 60-year old hotel sold for $67.2 million. The Tampa Business Journal reports that with items like furniture, fixtures, and equipment included in the final price, Kolter would pay $96 million in cash for the property.
The TBJ speculates that Kolter may hold onto the property until it fine-tunes a plan to renovate or convert the property to a different use.
Kolter is in both the multifamily and hospitality development business. In 2008, Kolter expanded into the hospitality space and established Kolter Hospitality which focuses on developing and managing hotels.
In 2021, Kolter formalized its commitment to the multifamily business with the formation of a new Kolter Multifamily division.
In the Tampa Bay area, Kolter has developed One St. Petersburg, Art House and Saltaire in St. Petersburg. In Tampa, its portfolio includes Hyde Park House and the under-construction One Tampa.
The post Kolter Picks Up Vintage Tampa Bay Hotel appeared first on Connect CRE.
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