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Illinois investor acquires St. Pete hotel for $18.75 million
By Breanne Williams
Tampa Bay Business Journal
Published: Nov 28, 2023

Illinois-based NexGen Hotels has acquired the Holiday Inn St. Petersburg West for $18.75 million.

The hotel development and management company closed on the 129-room hotel on Nov. 15, according to a deed filed in Pinellas County. The entity linked to NexGen Hotels also secured a $12.915 million mortgage through Optimum Bank, according to public documents. The sales price breaks down to approximately $145,348 per key.

The hotel last sold in November 2021 for $11.8 million, according to property records. NexGen said the property at 1200 34th St. N will be managed by St. Louis-based Genuine Hospitality Group.

“We are thrilled to add to our growing portfolio and extend our footprint into the St. Petersburg area,” Chris Patel, president of NexGen Hotels, said in a release. “This acquisition offers NexGen Hotels an excellent opportunity to become a key player in the strong hotel market in St. Petersburg.”

Amenities include an outdoor, resort-style heated pool and whirlpool spa, a fitness center, a boardroom and functional meeting space and a grab-and-go market. The hotel also features the full-service restaurant 34 North, which serves breakfast and dinner along with poolside drinks and food.

The hotel is near the Historic Kenwood and North Kenwood areas. It is less than half a mile from Aldi and Sam’s Club and is seven minutes from Tropicana Field and 10 minutes from downtown St. Petersburg.

NexGen Hotels was founded in 2007 and currently owns and operates 13 hotels. The company has three hotels currently in development. NexGen Hotels also owns and manages several restaurants and retail centers.



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