George Sherman Of Sherman Associates Acquires St. Pete Beach Hotel For $34.65M

The asset involved in this transaction is a hotel located at 3701 Gulf Blvd in St. Pete Beach. It was sold by Devanand Mangar to George Sherman for a total price of $34,650,000. The hotel has a total of 72 keys and spans a total area of 67,262 square feet. The price per key is $481,250, and the price per square foot is $515.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $34,650,000
• Address: 3701 Gulf Blvd
• Market: St. Pete Beach
• Buyer: George Sherman - Sherman Associates
• Seller: Devanand Mangar
• Lender: Midwestone Bank
• Keys: 72
• Price Per Key: $481,250
• Square Feet: 67,262
• Price Per Square Foot: $515

George Sherman of Sherman Associates represented himself as the buyer in this transaction. The lender involved in the deal was Midwestone Bank.