Hotel in downtown St. Petersburg sells for $26 million
By Breanne Williams
Tampa Bay Business Journal
Published: Oct 18, 2022

The Courtyard by Marriott St. Petersburg Downtown has sold to Atlanta-based The Radco Cos. for $26.1 million.

The sale closed Oct. 7, according to Pinellas County property records. The seven-story hotel has 128 rooms, and the sale price breaks down to approximately $203,906 per key. It is at 300 Fourth St. N, near the Bay Plaza Hotel, the Hollander Hotel and the Avalon Hotel.

The seller, BRE Apex CY FL LLC, is linked to New York-based Blackstone Real Estate Partners. Blackstone paid $17.75 million for the property in 2015, according to property records.

The pet-friendly hotel was built in 1926 and has amenities like the Bistro restaurant and bar, a heated outdoor pool, a fitness center and event space. It is approximately one block from Mirror Lake and across the street from the Museum of the American Arts and Crafts Movement.

Radco launched its new hotel division in 2021, and its hotel portfolio has grown to nine properties since, six of which are in Florida. The company was founded in 1994 and specializes in the “acquisition and redevelopment of value-add multifamily and hospitality investments across the Southeast and Central U.S.,” according to the company’s website.