One of St. Pete Beach’s most beloved hotels has been sold. Postcard Inn on the Beach has been acquired in a joint venture between The LCP Group, L.P. (“LCP”), a vertically integrated, private real estate investment firm specializing in hospitality investing, and Safanad, a real estate and private equity investment firm.

Postcard Inn, beloved for its pool, bar and beautiful lobby as much for its classic rooms and expansive beach access, is a 196-room oceanfront resort situated on a 9.64-acre tract with over 300 feet of frontage along the Gulf of Mexico. While the announcement of the sale did not share a timeline for any changes, it did outline what the new ownership has planned.

The resort will be operated by lifestyle and luxury hotel management company Crescent Hotels and Resorts, who will lead “a comprehensive renovation of the asset to further modernize the guestrooms and enhance the food and beverage offerings.” All operations are currently continuing as normal for the hotel.

The buyers cited PCI’s location, history of success and current popularity, as well as St. Pete Beach’s recent ranking as America’s best beach, as factors in their decision to purchase the hotel. They also referenced proximity to St. Pete and Tampa as an added bonus, bringing guests that much closer to cultural amenities and sporting events.

New owners see tremendous potential in Postcard Inn

Initially constructed in 1957, Postcard Inn features a lobby café, a full-service restaurant, and 3,880 square feet of combined indoor and outdoor terrace meeting space that can accommodate up to 200 guests. The guestrooms feature a retro throwback feel of a nostalgic American beach vacation and the hotel offers guests a lively atmosphere with the largest pool on St. Pete Beach.

“Postcard Inn is located in a highly desirable destination market with one of the highest barriers to entry in all of the United States,” said Francis Lively, CEO of LCP. “The hotel is an iconic asset with tremendous upside in a market primed for growth.”

“Postcard Inn exhibits a rare combination of highly sought-after investment characteristics,” said Tim Fuzesi, Managing Director of Safanad. “Resilient historical cash flows coupled with upside value potential through incremental investment and market growth in an irreplaceable location on the St. Pete Beach beachfront.”

This is an ongoing story. Stay tuned to I Love the Burg for more updates.