St. Pete hotel with views of the Sunshine Skyway sold in $17.3M deal
By Breanne Williams
Tampa Bay Business Journal
Published: May 12, 2022

The Magnuson Hotel Marina Cove in St. Petersburg and its neighboring properties have been sold to a Pennsylvania-based investor in a combined $17.3 million deal.

Wisconsin-based Marina Beach Associates sold the Magnuson Hotel Marina Cove along with its shuffleboard and tennis courts, nearby boat docks and two adjacent vacant commercial properties via five different transactions, according to deeds filed in Pinellas County. The hotel was built in 1982 and has 144 rooms and 11 townhouses.

It was purchased by WRD Sunshine Skyway LLC and other LLCs linked to a Pennsylvania-based investor.

The hotel faces the Sunshine Skyway Bridge and has a small private beach, two pools and a 32-slip sailboat marina. Other amenities include a fitness center, walking/jogging path, meeting and event space, lounge, playground, a volleyball court and conference facilities.

Earlier this month, Eagle Property Capital Investments LLC, a real estate investment company focused on multifamily, and its joint venture partner Promecap purchased two Pinellas County hotels with plans to renovate them into a 183-unit apartment community.

In March, The Postcard Inn on the Beach at St. Pete Beach — with 196 rooms and 300 feet of frontage along the Gulf of Mexico — sold in a joint venture partnership between LCP Group and Safanad for $83 million. The same month, a Canadian Investment Firm purchased the Fairfield Inn & Suites by Marriott St. Petersburg Clearwater — 82 rooms located two miles from the St. Petersburg-Clearwater International Airport — in an off-market transaction for $8.7 million.