Two St. Pete Beach resort hotels sell for a combined $100 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 3, 2019

Two resorts on St. Pete Beach - one of which is home to Florida's only revolving rooftop restaurant and lounge - have been sold for a total of $100 million.

The Grand Plaza Hotel and Beachcomber Beach Resort Hotel have been sold to a venture led by Gencom, a Miami-based group that owns real estate around the globe. Benchmark will manage both properties.

With a combined 258 rooms between the two properties, the sales price breaks down to $387,596 per key. The deal closed Dec. 21.

A team from HFF LP - head of HFF's hotel group Daniel C. Peek, director Preston Reid and associate Wyatt Krapf - represented the seller, Excel Hospitality Inc. HFF (NYSE: HF) has also recently sold two other major properties in the St. Pete area, including The Renaissance Vinoy Resort & Golf Club and the Postcard Inn.

"The Tampa Bay region continues to be a magnet for hospitality investment, drawn by its vibrant, diverse economy and tremendous leisure and recreation amenities,” Peek said in a statement.

The Grand Plaza is home to several restaurants, including Spinners Rooftop Revolving Bistro & Lounge, Bongos Beach Bar & Grille, Level 11 Rooftop Lounge and The Palm Room Restaurant. The Beachcomber also has two restaurants, Jimmy B's Beach Bar and Grill and Players Sports Bar and Grill.

"This transaction made it abundantly clear that there is significant institutional interest in St. Pete Beach, and we are looking forward to seeing the next chapter for these two resorts and many others on this beach in the years to come,” Reid said in a statement.