CBRE Hotels Facilitates $29.1 Million Sale of 128-Key Hotel in Downtown St. Petersburg

CBRE has arranged the sale of Courtyard by Marriott St. Petersburg Downtown, a 128-key hotel located at 300 4th Street North in St. Petersburg, Fla. Atlanta-based real estate investment firm The RADCO Companies purchased the property for $29.1 million.

Christian Charre, Paul Weimer, Jennifer Jin, and Andrew Pastorino with CBRE Hotels in Miami represented the seller, Blackstone, one of the world’s largest investment firms.

“St. Petersburg continues to be a target market for real estate investment and one of Florida's top growth markets,” said CBRE Executive Vice President Christian Charre. “With an exceptional downtown location and clear upside via renovation, The Courtyard is well-positioned to be a top-performing asset.”

Situated in the Downtown St. Petersburg Historic District, the property was converted from an independent boutique hotel into the Courtyard by Marriott in 2006 and underwent a renovation in 2015. The hotel’s amenities include a Bistro restaurant and bar, on-site fitness and business centers, an indoor pool, 806 square feet of meeting space, and access to valet parking.

The property is near many shopping and dining options, as well as art galleries, museums, hospitals, and sports stadiums, including the Salvador Dali Museum, the Chihuly Collection, Museum of the American Arts and Crafts Movement, St. Anthony’s Hospital, Bayfront Health St. Petersburg, and Tropicana Stadium, the home of the Tampa Bay Rays.