[[{“value”:”
The Kolter Group has acquired the Hilton St. Petersburg Bayfront hotel from Ashford Hospitality, extending its presence in the Tampa Bay hospitality market. The 60-year-old property traded for $67.2 million, according to the seller, marking a significant transaction for a vintage full-service hotel in St. Petersburg.
Reporting from the Tampa Business Journal cited in the original coverage indicates that, when furniture, fixtures and equipment are included in the final consideration, Kolter would pay $96 million in cash for the property. The structure of the deal, as described, highlights both the real estate value and the additional investment tied to the hotel’s operational components.
The Tampa Business Journal also notes that Kolter may choose to hold the Hilton St. Petersburg Bayfront while it refines a plan either to renovate the existing hotel or potentially convert it to another use. While no specific redevelopment or repositioning program has been announced, the commentary underscores that Kolter appears to be approaching the asset with flexibility around its long-term business plan.
Kolter has an established track record in both hospitality and multifamily development. The company formally entered the hospitality arena in 2008 with the creation of Kolter Hospitality, a platform dedicated to developing and managing hotel assets. That business line sits alongside the firm’s multifamily activity, which was formalized in 2021 with the launch of Kolter Multifamily as a dedicated division.
Within the Tampa Bay region, Kolter has been an active developer across multiple high-profile projects. In St. Petersburg, its portfolio includes One St. Petersburg, Art House and Saltaire, each contributing to the city’s recent wave of urban residential and mixed-use development. Across the bay in Tampa, Kolter’s holdings include Hyde Park House as well as One Tampa, which is currently under construction, underscoring the company’s ongoing pipeline in the metro.
The Hilton St. Petersburg Bayfront acquisition adds an established hospitality asset to Kolter’s existing footprint in the area. Combined with its multifamily and hotel development platforms, the new purchase reinforces Kolter’s role as a major private-sector player in shaping the built environment across the broader Tampa Bay market.
The post Kolter Group Buys 60-Year-Old Hilton St. Petersburg Bayfront for $67.2M appeared first on CRE Market Beat.
“}]]
