Gencom-Led Partnership Acquires Two St. Pete Beach Resorts for $100 million

BENCHMARK | January 3, 2019

MIAMI, Jan. 3, 2019 -- As part of its ongoing strategy to acquire unique hospitality assets anchored by strong underlying real estate and with unique repositioning opportunity, a Gencom-led partnership has announced the acquisition of two resort assets situated along St. Pete Beach, Florida. The Beachcomber Beach Resort and Hotel and The Grand Plaza Beach Hotel & Beach Resort were acquired at a reported purchase price of $100 million. The partnership will commit an additional $24 million for major renovations to upgrade and rebrand the two properties. While both assets will initially remain independent and unbranded, BENCHMARK®,...