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Prominent Developer to Purchase Hilton Bayfront in Downtown St. Pete for $96 Million
Kolter Group plans to redevelop the 15-story hotel site along the downtown waterfront.
Published on Feb. 24, 2026
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Delray Beach-based Kolter Group has entered into a contract to purchase the Hilton St. Petersburg Bayfront hotel for $96 million. The 15-story hotel, located on a prime three-acre site along the downtown St. Petersburg waterfront, offers significant redevelopment potential. While no specific plans have been announced, the property is likely to be transformed into a new residential tower under Kolter's ownership.
Why it matters
The sale of the Hilton Bayfront hotel represents a major redevelopment opportunity in downtown St. Petersburg, a rapidly growing urban center along Florida's Gulf Coast. Kolter Group has been one of the most active high-rise developers in the area over the past decade, delivering several prominent condominium towers. The redevelopment of this prime waterfront site could reshape the city's skyline and continue the transformation of downtown St. Pete.
The details
Kolter Group has entered into a purchase and sale agreement to acquire the Hilton St. Petersburg Bayfront hotel for $96 million. The 15-story hotel, originally built in 1972 and renovated in 2014, includes 333 guest rooms, 33 meeting rooms, and approximately 47,710 square feet of event space. The property sits on a three-acre site across from Al Lang Stadium, The Dalí Museum, and the Mahaffey Theater, just steps from Central Avenue and Beach Drive. While no redevelopment plans have been announced, the property's zoning allows for high-density development, potentially paving the way for a new residential tower.
- On December 12, 2025, Ashford Hospitality Trust subsidiaries entered into a purchase and sale agreement to sell the Hilton Bayfront property to Kolter Group Acquisitions LLC.
- On February 20, 2026, Kolter Group formally confirmed its intent to proceed with the $96 million purchase, with an initial $500,000 deposit becoming non-refundable.
- An additional $1.9 million deposit was due shortly after February 20, 2026, with the sale expected to close in the first quarter of 2026.
The players
Kolter Group
A prominent real estate development company based in Delray Beach, Florida, that has been one of the most active high-rise developers in downtown St. Petersburg over the past decade.
Ashford Hospitality Trust
The current owner of the Hilton St. Petersburg Bayfront hotel, which is selling the property to Kolter Group.
Hilton St. Petersburg Bayfront
A 15-story hotel located on a prime three-acre waterfront site in downtown St. Petersburg, offering sweeping views of Tampa Bay.
What’s next
The sale of the Hilton Bayfront hotel to Kolter Group is expected to close in the first quarter of 2026, subject to customary closing conditions. Kolter's future redevelopment plans for the property have not yet been announced.
The takeaway
The acquisition of the Hilton Bayfront hotel by prominent developer Kolter Group represents a significant redevelopment opportunity in downtown St. Petersburg, a rapidly growing urban center along Florida's Gulf Coast. Kolter's track record of delivering high-rise residential towers in the area suggests the current hotel site could be transformed into a new landmark project that continues to reshape the city's skyline.
