Kolter Group to Buy Hilton St. Petersburg Bayfront for $96M

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Kolter Group Acquisitions has agreed to purchase the Hilton St. Petersburg Bayfront hotel from Ashford Hospitality Trust for $96 million. The transaction, expected to close in the first quarter of 2026, follows Kolter's previous acquisition of an adjacent property in 2019 where they developed the Saltaire tower and parking garage. Kolter's portfolio in the St. Petersburg area also includes projects like ONE St. Petersburg, Art House St. Petersburg, and the upcoming Corey Landing development.

Why it matters

The Hilton St. Petersburg Bayfront sale reflects ongoing shifts in hotel ownership and investment strategies in Florida's coastal cities, which are experiencing significant real estate development and population growth. Kolter's mixed-use approach, combining luxury condos with hotel amenities, demonstrates a trend towards creating vibrant, self-contained communities that appeal to both residents and visitors.

The details

The current sale agreement includes a non-refundable deposit of $500,000 and an additional $1.9 million deposit due within three business days. However, the transaction is still subject to customary closing conditions, and its completion is not guaranteed. Ashford Hospitality Trust originally acquired the Hilton St. Petersburg Bayfront in 2004 as part of a larger portfolio deal.

• Kolter Group acquired a 1.65-acre parking lot next to the Hilton for $17.5 million in 2019.
• The 35-story Saltaire tower and parking garage developed on the adjacent property opened in August 2023.
• The current sale agreement was announced on February 20, 2026.
• The sale is expected to close in the first quarter of 2026.

What’s next

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