Carlyle finalizes Postcard Inn sale

A Rhode Island-based hotel investment firm has closed on the purchase of the 196-room Postcard Inn on the Beach for $47.4 million.

Procaccianti Cos. bought the 6300 Gulf Blvd. property, on St. Pete Beach, from The Carlyle Group. The Washington, D.C.-based company, with $174 billion in investments under management, had owned the hotel since buying it for $32.5 million in February 2015, according to property records.

Rob Leven, Procaccianti's chief investment officer, called the 8-acre Postcard Inn property, which features 300 feet of beachfront, an “irreplaceable location.”