RLJ Lodging Sells Vinoy Renaissance St. Petersburg for Nearly $189M
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.
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.