Investors buy resort on St. Pete Beach
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Feb 2, 2017

A 1960s resort on St. Pete Beach has been sold to an investment firm that's planning a significant renovation of the property.

Crescent Real Estate LLC said Thursday that it has acquired the Sirata Beach Resort and Conference Center in an off-market transaction. Terms of the deal were not disclosed, and a deed for the sale has not yet been filed in Pinellas County.

The seller was the Nicklaus family, which has owned the resort property since 1962. The family purchased it as a 46-unit motel and has expanded it over the years.

Crescent is no stranger to the Tampa Bay real estate market. It owns more than 2,200 multifamily units here under.

The resort includes 382 guest rooms, three restaurants, 30,000 square feet of meeting space and three swimming pools. Renovations will update the guest rooms and improve both the indoor and outdoor amenities.

Atlanta-based Five Star Realty Partners LLC has partnered with Crescent on the acquisition of the Sirata. HEI Hotels will manage the resort.

"This was a unique opportunity to secure an excellent resort property ideally positioned to grow,” said Jason Anderson, Crescent's co-CEO, in a statement. "Located on one of the best beaches in the country, the Sirata Beach Resort attracts guests from across the U.S. with its easy ‘drive-to' access and proximity to the St. Petersburg and Tampa airports."

Ashley Gurbal Kritzer is senior reporter for the Tampa Bay Business Journal. >/i>