Legendary Treasure Island vacation resort sells | Organization Observer

The Thunderbird Seashore Vacation resort, an legendary waterfront lodge on Treasure Island, has bought for $25.5 million, according to Pinellas County assets data.

The adjacent Ideal Western Sea Castle Suites, a 42-space motel at 10750 Gulf Blvd. that opened in 1956, also bought for $7 million.

Hollywood-centered Thunderbird TI Holdings LLC, an entity comprised of Gilad Ovaknin, Avraham Ovaknin, Shaul Zislin, Eliyahu Levy and Doron Malinasky, acquired both the 106-place Thunderbird Beach house and the Most effective Western.

Prior to the June sale, the 10700 Gulf Blvd. vacation resort experienced been owned for 50 decades by the King spouse and children, in accordance to records.

Thunderbird Beach front, which was concluded in 1957, attributes 310 linear toes of beachfront. “We foresee that this legendary resort will proceed to thrive in its subsequent chapter below new ownership,” says Chris Plasencia, a running director of Tampa-centered The Plasencia Group, a lodging advisory company that represented the sellers in the Thunderbird Beach front transaction.

            The Thunderbird Seashore resort also marks the most current in a line of key hospitality sales along St. Pete Seashore in current years.

            In July 2017, a joint enterprise in between Crescent Serious Estate and Five Star Realty Associates teamed up to get the 382-home Sirata Beach Vacation resort & Convention Center, at 5300 Gulf Blvd., for $108.2 million.

            Like the Thunderbird Seaside, it experienced been family members owned for decades.

            That similar yr, Procaccianti Cos. acquired the 196-home Postcard Inn on the Seashore, at 6300 Gulf Blvd., for $47.4 million. It, far too, consists of 300 toes of beachfront.

            Most not long ago, in July 2019 Gencom Group obtained a pair of St. Pete Seashore houses, the 10-story Grand Plaza Resort and the Beachcomber Seaside Resort & Resort, for a merged $100 million. Together, the two lodges — both crafted in the 1970s — contain 258 rooms.

            Nick Plasencia, another Plasencia Group taking care of director, says in a assertion that the Thunderbird Seashore Vacation resort sale is “representative of the unprecedented trader curiosity in Florida’s inns and resorts, especially all those together its coasts.”

            Plasencia Team claims it has been involved in approximately $400 million well worth of resort operate in latest months, such as a June refinancing of the famed Vinoy Renaissance Resort and Golfing Club.

            SCG Hospitality, which purchased the St. Petersburg resort in 2018 with $130 million in funding, final thirty day period enhanced its financial loan on the house by $35 million, files suggest.