The LCP Group & Safanad Acquire Postcard Inn, St. Pete Beach
NEW YORK, NY, March 09, 2022 — 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, announced it acquired the iconic Postcard Inn on the Beach, St. Pete Beach, Florida.
The 196-room oceanfront resort is situated on an expansive 9.64-acre tract with over 300 feet of frontage along the Gulf of Mexico offering unparalleled access to St. Pete’s renowned beaches. 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.”
St. Pete Beach is called the “Sunset Capital of Florida” and was ranked in 2021 by TripAdvisor as the #1 beach in America. The hotel’s prime location offers guests access to the traditional amenities of a beachfront property, as well as convenient access to the many cultural and sporting attractions in the rapidly growing Tampa/St. Petersburg metropolitan area. “Combining in-place cash flow, a significant renovation program, and a beachfront location amidst the continued unification of the Tampa & St. Pete metros is a recipe for success,” added Peter Sullivan, COO of LCP.
“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.”
The joint venture plans a comprehensive renovation of the asset to further modernize the guestrooms and enhance the food and beverage offerings. Crescent Hotels & Resorts will manage the asset under the Latitudes Collection umbrella
About The LCP Group, L.P.
The LCP Group, L.P. (LCP) is a private real estate investment manager with real estate holdings and assets under management of approximately $1 billion throughout the United States. LCP specializes in hospitality investments and has been actively acquiring strategic hotel assets on behalf of institutional and private equity investors since 1973. For more information, please visit www.lcpgroup.com
About Safanad
Founded in 2009, Safanad is a differentiated real estate and private equity investment firm. We predominately focus on value-add and opportunistic real estate investments as well as private equity investments in the healthcare and education sectors, which are typically backed by significant real estate assets. We invest largely in the US and Europe but are global in both our approach and how we leverage our vast network of partners. From offices in New York and Dubai, our team of c. 50 professionals have completed more than 40 transactions totaling $10 billion.
www.safanad.com
About Crescent Hotels & Resorts
Crescent Hotels & Resorts is an award winning, nationally recognized, operator of hotels and resorts. Crescent currently operates over 100 hotels & resorts in the US & Canada. Crescent is one of the few elite management companies approved to operate upper-upscale and luxury hotels under the brand families of Marriott, Hilton, IHG, & Hyatt. Crescent also operates a collection of 30+ independent & lifestyle properties under the Latitudes Collection umbrella. Powered by innovative, forward-thinking experts, Latitudes is a modern management platform for lifestyle hotels and resorts where creative concepts connect with modern travelers from urban boutique hotels to oceanside resorts.
For more information, please visit www.crescenthotels.com and www.latitudesbycrescent.com or connect with Crescent on LinkedIn.
