1. Business

St. Pete Beach's Postcard Inn sells for $47.4 million

ST. PETE BEACH — The Postcard Inn, the beachfront hotel and staple of the beach party scene, has sold for $47.4 million, according to the law firm representing the new owner's lender.

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Boston-based TPG Hotels & Resorts, whose website says it owns and manages more than 60 hotels across the country, closed on the 196-room hotel on Oct. 19. It bought the property at 6300 Gulf Blvd. from the Carlyle Group, an asset management and private equity firm in Washington, D.C.

Lawyers said TPG plans to improve the property, though specifics of those plans were not disclosed.

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"The sale clearly demonstrates that Hurricane Irma hasn't scared investors away from purchasing beachfront property; the market remains strong due to its limited supply," said Dan McCawley, an attorney with Greenberg Traurig, the firm that represented Bank United, which financed TPG's purchase.

Correction: An earlier version of this article listed the wrong client for the law firm of Greenberg Traurig.