ST. PETERSBURG - Ashford Hospitality Trust has sold a 1.65-acre parking lot adjacent to its Hilton St. Petersburg Bayfront Hotel for $17.5 million, to be paid over time.
In a news release, the trust did not identify the buyer and the deed had not been recorded as of Wednesday. The Kolter Group of West Palm Beach has previously announced plans to develop a 35-story condo tower called Saltair on the site along with a parking garage. As part of the sales agreement, Ashford will have ownership rights to 205 covered parking spaces in the new garage for use by Hilton guests.
“We continue to pursue transactions that we believe will enhance returns for our shareholders,” said Douglas A. Kessler, Ashford Trust’s president and chief executive officer. “This development simultaneously maximizes the sales proceeds of the land parcel and improves the parking facilities of the hotel.''