Dealmaker: Renaissance Vinoy St. Petersburg Changes Hands for $189M
Michael Tucker firstname.lastname@example.org
SCG Hospitality, Tampa, Fla. acquired The Vinoy Renaissance St. Petersburg Resort & Golf Club in St. Petersburg, Fla. for $188.5 million.
The transaction price represented more than $520,000 per key and a 3.9 percent capitalization rate based on the property's operating results for the 12 months ending in July.
Holliday Fenoglio Fowler, Houston, marketed the hotel for seller RLJ Lodging Trust, Bethesda, Md. The team included HFF Senior Managing Director Daniel Peek, Director Preston Reid, Managing Director Max Comess, Senior Managing Director Roland Merchant, Director Alexandra Lalos and Associate Wyatt Krapf.
Listed on the National Register of Historic Places since 1978, the Mediterranean Revival-style hotel was constructed in 1925 as the Vinoy Hotel. The U.S. Army used the property during World War II as a training school. Renaissance Hotels and Resorts and the Vinoy Development Corp. acquired the property in the 1990s and invested $93 million in a complete renovation.
The property includes more than 32,000 square feet of indoor meeting and event space, a 74-slip marina, 12 tennis courts and an 18-hole golf course.
The Plasencia Group, Tampa, Florida, served as investment advisor to SCG Hospitality, owned by Tampa Bay Buccaneers owner Bryan Glazer. Company CEO Lou Plasencia said the firm helped underwrite the asset and secure acquisition debt. The Plasencia Group will also provide asset management and development management services.