GRAYL'S HOTEL SOLD FOR $1.85 MILLION

ST. PETERSBURG, FLA. — The 22-room Grayl's Hotel, located in downtown St. Petersburg, has been sold for $1.85 million. Birchwood Inn LLC purchased the hotel from Cornerstone Community Bank, who recently acquired the property in an online foreclosure. Birchwood Inn LLC plans to renovate the hotel and rename it Birchwood Inn. The Arcus Group will be the architect on the project and Southwind Hospitality will provide hotel and restaurant management. Michael Heretick of St. Petersburg-based Vector Realty represented the buyer in the transaction.