The seller is Coral Gables-based Driftwood Capital, registered under 116 San Marco St. Augustine Owner LLC. It bought the property in 2017 for $18.5 million.
The sale marks the 11th acquisition — and eighth hotel acquisition in the past three months — by RADCO’s hotel division that began in 2021, according to a press release. The firm has acquired four hotels in the Atlanta market and six Florida properties in the Panhandle and St. Petersburg. “DoubleTree by Hilton in historic downtown St. Augustine is an incredible asset in an absolutely perfect location,” RADCO CEO Norman Radow said in the release. “The hotel is already performing extraordinarily well, and we intend to invest in significant upgrades to improve and modernize the customer experience.”
Scott Stephens, Paul Sexton and Tammy Bateman of Hospitality Real Estate Counselors brokered the sale.