Hotel Zamora in St. Pete Beach has sold
By Breanne Williams
Tampa Bay Business Journal
Published: Sep 26, 2022

Hotel Zamora, a boutique hotel in St. Pete Beach, has sold to a corporate entity linked to Minnesota-based Sherman Associates for $34.65 million.

The sale of the 72-room hotel closed on Sept. 14, according to a Pinellas County deed. The sale price breaks down to $481,250 a key. The entity linked to Sherman Associates also took out a $28.5 million mortgage on the property through MidWestOne Bank. The seller is Zamora Hospitality Group, which is linked to Devanand Mangar. Mangar bought the hotel in 2016 for $14.5 million.

The Mediterranean-style hotel, located at 3701 Gulf Blvd., has a 360-degree rooftop lounge and bar, the restaurant Castile and a five-slip marina. Hotel Zamora opened in 2014, making it the first new hotel in St. Pete Beach to open in decades.

The hotel is 67,262 square feet and sits on just over an acre of land. It features paddleboards, kayaks, cruiser bikes and fishing rod rentals, has a fitness center, a pool and a whirlpool spa.

This will be Sherman Associates’ first hotel in Florida, according to its website. The company recently acquired an entire city block in Minneapolis for a $400 million mixed-use project called Harmonia, according to a release.

Sherman Associates has properties throughout the Midwest and Colorado. It has developed more than 11,700 multifamily units and currently owns and manages more than 6,600 multi-family rental units, according to the company. Sherman also owns and manages more than 640,000 square feet of commercial space.