Vinoy Renaissance St. Petersburg Resort & Golf Club
ST. PETERSBURG, FL—RLJ Lodging Trust of Bethesda, MD has sold the historic 362-room Vinoy Renaissance St. Petersburg Resort & Golf Club for $188.5 million.
The sale consists of a contractual sales price of $185 million and the release of $3.5 million in member deposits. The total consideration represents approximately $521,000 per key, RLJ Lodging reports.
The iconic property was sold to SCG Hospitality LLC, which is led by Tampa Bay Buccaneers co-owner and chairman Bryan Glazer, according to a report in the Tampa Bay Business Journal.
RLJ Lodging also recently sold the 152-room DoubleTree Columbia Hotel in Columbia, MD for $12.9 million.
Over the last year, the company has sold approximately $600 million of assets at an EBITDA multiple of approximately 16x.
“We are very pleased with the highly accretive valuation this iconic hotel garnered, which further underscores our ability to maximize value from the sale of our non-core assets,” says Leslie D. Hale, president and CEO of RLJ Lodging. “Our team has made tremendous progress towards achieving our strategic objectives this year and we are well-positioned to continue to unlock the embedded value in our portfolio.”
An investment advisory team from HFF represented RLJ Lodging in the transaction. The HFF team included senior managing director and head of HFF's hotel group Daniel C. Peek, director Preston Reid, managing director Max Comess, senior managing director Roland Merchant, director Alexandra Lalos and associate Wyatt Krapf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
