International REIT drops more than $200 million on Don CeSar and its sister property

StP-Don-Cesar-Resort

 

Mar 9, 2017, 11:50am EST Updated Mar 9, 2017, 11:55am EST
INDUSTRIES & TAGS
Commercial Real Estate,
Travel & Tourism

A massive hotel real estate investment trust paid more than $200 million to acquire the Don CeSar St. Pete Beach and its sister property.

A corporate entity tied to Bethesda, Maryland-based Host Hotels & Resorts(NYSE: HST) paid $214 million for the 277-room Don CeSar and the 70-room Beach House Suites by Don CeSar, according to a late February regulatory filing. Beach House Suites is a smaller resort property about a half-mile from the Don CeSar.

The transaction closed on Feb. 16, according to Pinellas County property records. The real estate transactions were recorded at $151.8 million for the Don CeSar and $50.8 million for the Beach House Suites. Recorded prices do not include the hotel’s furniture and fixtures.

The acquisition marks a re-entrance to the Tampa Bay region for Host, which sold the Tampa Marriott Waterside Hotel & Marina to Tampa Bay Lightning owner Jeff Vinik in 2014. Davidson Hotels & Resorts is managing the Don CeSar.

At $214 million for both properties, the sales price breaks down to $616,700 per key. That’s high for the Bay region, but the Don CeSar is in a class of its own as a historic trophy property situated directly on the Gulf of Mexico. In early 2016, the Hyatt Regency Clearwater Beach sold for nearly half a million dollars per key.

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Ashley Gurbal Kritzer is senior reporter for the Tampa Bay Business Journal.

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