Minneapolis buyer plans multimillion-dollar renovation for Hotel Zamora in St. Pete Beach
By Breanne Williams
Tampa Bay Business Journal
Published: Nov 16, 2022

Minneapolis-based Sherman Associates is planning a $7 million renovation for The Hotel Zamora in St. Pete Beach.

The company purchased the 72-key boutique hotel in September for $38 million. The acquisition also included a former bank building and land adjacent to the hotel. It also took out a $28.5 million mortgage on the hotel through MidWestOne Bank.

The Mediterranean-style hotel, located at 3701 Gulf Blvd., opened in 2014 and was one of the first new hotels in St. Pete Beach to open in decades. The company plans to renovate the guest rooms, lobby and reception area, pool bar, rooftop deck and event space, with a focus on serving local clientele. The rooftop deck has views of the Gulf and intercoastal. The goal is to “reposition The Hotel Zamora into a four-star luxury hotel.”

Estes Construction is the general contractor, and DLR Group is the architect for the renovation. The renovation is expected to be complete in early 2024. Beth Muzik has been hired as the general manager to lead the repositioning of the hotel. She has more than 30 years of experience in hospitality with franchises like Marriott, MGV, IHG, Hilton, Wyndham and Choice.

“We appreciate the clientele who have enjoyed their stay and dining experiences at The Hotel Zamora, and we look forward to astounding them after our extensive renovation,” Robb Hall, vice president of hospitality at Sherman Associates, said in a release. “Sherman Associates is thrilled to join the St. Pete Beach community and eager to seek additional development opportunities in the Tampa area.”

The Hotel Zamora is 67,262 square feet and sits on a 1.61-acre lot. It has a fitness center, pool, whirlpool spa, paddleboards, kayaks, cruiser bikes and fishing rod rentals, the Castile restaurant and a private dock with access to the intercoastal.

The purchase of The Hotel Zamora is Sherman Associates' first investment in Tampa Bay, and according to a release, the company plans to pursue additional developments in the area. It is the fifth hotel in the company’s portfolio, which includes Hilton, Marriott and IHG brands.