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ST. PETE BEACH, FLA. — A joint venture between The LCP Group LP and Safanad have acquired Postcard Inn on the Beach, a 196-room resort in St. Pete Beach, for $83 million. The seller was not disclosed. CBRE arranged a $72.3 million loan for the purchase.
Built in 1957, Postcard Inn features a lobby café, full-service restaurant, pool and 3,880 square feet of combined indoor and outdoor terrace meeting space that can accommodate up to 200 guests. Located on 9.6 acres, the beachfront property offers over 300 feet of frontage along the Gulf of Mexico.
The joint venture plans to modernize the guestrooms and improve the food and beverage offerings. Crescent Hotels & Resorts will manage the asset under the Latitudes Collection umbrella.