TPG Hotels & Resorts to Manage Hotel
Cranston, R.I., November 15, 2017 — Procaccianti Companies, the nation’s premier privately-held owner & developer of quality hospitality assets, today announced the acquisition of the 196-room Postcard Inn on The Beach in St. Pete Beach, Fla., for an undisclosed amount. TPG Hotels & Resorts, Procaccianti Companies’ wholly owned operating company, will manage the property. This marks the 5th acquisition completed this year, putting the company on track for a record year in 2017.
“With its irreplaceable beachfront location, the Postcard Inn is a wonderful addition to our national portfolio,” said Rob Leven, chief investment officer, Procaccianti Companies. “Our experience in the state provides us unique knowledge of the best practices and pitfalls common to running a successful property in Florida.”
Located at 6300 Gulf Boulevard, on a barrier island in the Gulf of Mexico, the property is near the Salvador Dali Museum, Clearwater Marine Aquarium and Great Explorations Children’s Museum. The hotel offers 2,280 square feet of meeting space in The Sunset Ballroom, the largest pool in St. Pete Beach, a Tiki Pavilion and the Garden Courtyard with 5,616 square feet of outdoor event space. Dining options include the nationally recognized PCI Beach Bar and Snack Shack and the recently renovated Boathouse Kitchen & Bar. Rooms feature newly remodeled bathrooms, Wi-Fi access, surf photography from local St. Pete artists and stylish sitting areas.
Leven added, “With supply concerns emerging in many markets across the country, we continue to focus on unique properties in markets with high barriers to entry. Our acquisition approach allows us to take advantage of positive overall demand fundamentals nationally, without significant concern of additional supply. The Postcard Inn St Pete Beach is perfectly aligned with that investment strategy.”
