February 5, 2017
Crescent Real Estate LLC acquired the 382-room Sirata Beach Resort and Conference Center in Saint Petersburg Beach, FL from the Nicklaus family. The sales price was not disclosed on the off-market transaction, with the property appraised at $28.5 million. Crescent partnered with Five Start Realty Partners of Atlanta to acquire the resort.
The resort is at 5300 Gulf Blvd., and has three pools, three restaurants and 30,000 square feet of meeting space. HEI Hotels will manage the property. Crescent indicated it would make “significant capital investments” to the asset, which will include sprucing up the guestrooms and improving the outdoor amenities.
The Nicklaus family opened the Sirata in the early 1960s, which expanded throughout the years. Growth stopped in 2002 because of local restrictions that prevented the Sirata and additional Saint Petersburg Beach hotels from competing with newer properties on Clearwater Beach.
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