Crescent, Five Star buy Sirata Beach Resort

In one of the largest lodging acquisitions along the Gulf Coast in the past year, a pair of investment firms have quietly purchased the Sirata Beach Resort & Conference Center for $108.2 million.

The 382-room resort, on St. Pete Beach, was purchased by a joint venture involving Crescent Real Estate LLC, of Fort Worth, Texas, and Five Star Realty Partners LLC, of Atlanta.

The seller, the Nicklaus family, had owned the resort for many years, according to Pinellas County property records.

Crescent and Five Star intend to undertake a “major renovation” to the 15.4-acre property, at 5300 Gulf Blvd., says Crescent spokeswoman Jean Suitt.

She says improvements will be made to the resort's rooms, swimming pool, lobby, food and beverage operations and guest amenities. The company and HEI Hotels, which has been retained to operate the Sirata Beach Resort, are in the “planning stage.”

In addition to its rooms, the resort also has 725 feet of beachfront and 30,000 square feet of meeting space, according to Crescent's website.

The sale marks the third-largest hotel deal in Florida so far in 2017, behind only the $214 million purchase of the 347-room Don CeSar & Beach House Suites, in St. Petersburg, and the $205 million acquisition of the 815-room Hyatt Regency Grand Cypress, in Orlando, according to LW Hospitality Advisors of New York.

Crescent, whose portfolio includes 24 properties valued in excess of $1.65 billion, also owns the Ritz-Carlton Dallas and the Canyon Ranch Lenox Resort, in Massachusetts.

The Sirata Beach Resort is its first major lodging asset in Florida, though the company also owns more than 2,000 apartments in the Tampa region, according to its website.