St. Petersburg

Downtown

Executive Summary

Berkadia’s Hotels & Hospitality Group is pleased to exclusively offer the opportunity to acquire the Hotel Indigo St. Petersburg Downtown (the “Property” or “Hotel”), a 76-key Hotel located in the heart downtown St. Petersburg, FL. The Hotel is footsteps from Beach Drive and Central Avenue, both of which are filled with restaurants, high-end boutiques, and million-dollar-plus condominiums. The immediate area is experiencing over $750 million in current development projects, including the July 2020 opening of the $92 million New St. Pete Pier.

Unencumbered by both brand and management, the Hotel is essentially a blank slate where a new owner may either retain IHG branding, affiliate with another leading franchise, or implement a more boutique soft branding. Additionally, the 0.95-acre Property’s Downtown Center (DC-1) zoning allows for an intense mix of uses within a potential redevelopment.

HOTEL SUMMARY

234 3rd Avenue North - St. Petersburg, FL 33701

  • Year Built: 1926
  • Guestrooms: 76
  • Site Size: 0.95 Acres
  • Zoning: DC-1
  • Meeting Space: 2,200 SF
  • Food & Beverage: Heritage Bar & Bistro
  • Amenities: Outdoor Pool & Whirlpool, ​ Business Center, Fitness Center, Room Service

investment Highlights

o Unencumbered by brand and management
o Epicenter downtown location two blocks from Tampa Bay
o Generational redevelopment potential with high-intensity DC-1 zoning
o Attractive basis below replacement cost
o Resilient lodging market with strong drive-to and leisure demand
o Surrounded by $750M+ in new development projects
o 15.5M visitors to Pinellas County in 2018
o Less than 15 minutes from Gulf of Mexico beaches

the market

HOTEL Photo Gallery

investment advisory

preston reid

813.675.0113

Preston.Reid@Berkadia.com

wyatt krapf

484.356.8197

Wyatt.Krapf@Berkadia.com

collier proctor

772.643.2317

Collier.Proctor@Berkadia.com

mortgage banking

scott wadler

561.445.4891

Scott.Wadler@Berkadia.com

Tampa Office ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4830 W. Kennedy Blvd.
Suite 600, Off 643 & 647 Tampa, FL 33609

Orlando Office ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 300 S. Orange Ave.
Suite 1325 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Orlando, FL 32801

Miami Office ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 333 S.E. 2nd Ave.
Suite 2540 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Miami, FL 33131

DC Metro Office ​ ​ ​ ​ ​ ​ 4445 Willard Avenue Suite 1200 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chevy Chase, MD 20815

Phoenix Office ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2525 E. Camelback Rd.
Suite 1150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Phoenix, AZ 85016

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