Sherman Associates Enters St. Pete Beach with Acquisition of Hotel

Plans $7 million renovation of The Hotel Zamora

{ST. PETE BEACH, FLA., November 15, 2022}—Sherman Associates has acquired The Hotel Zamora, a 72-key boutique hotel, located at 3701 Gulf Boulevard in St. Pete Beach. The Hotel Zamora is located on a 1.61-acre lot and has private dock access to the intercoastal, an upscale full-service restaurant named Castile, event space, and a rooftop deck that offers views of the beach, ocean, and intercoastal. A former bank building and land adjacent to the hotel were also included in the acquisition. Sherman purchased the hotel for $38 million from an independent operator and plans a $7 million renovation that will reposition The Hotel Zamora into a 4-star luxury hotel. Plans include upgraded guestrooms, common areas, and amenities with a focus on serving local clientele. Sherman Associates develops hospitality, multifamily, and office and retail holdings throughout the U.S. The Hotel Zamora acquisition marks Sherman’s entrance into the Tampa market in their establishment of a regional hub to pursue additional developments. The Hotel Zamora is the fifth hotel in Sherman’s portfolio which includes Hilton, Marriott, and IHG brands. “We appreciate the clientele who have enjoyed their stay and dining experiences at The Hotel Zamora and we look forward to astounding them after our extensive renovation,” said Robb Hall, vice president of hospitality at Sherman Associates. “Sherman Associates is thrilled to join the St. Pete Beach community and eager to seek additional development opportunities in the Tampa area.” Beth Muzik has been hired as the General Manager to lead the repositioning of the hotel. She has over 30 years of experience in hospitality with major franchises including MGV, Marriott, Hilton, IHG, Wyndham, and Choice. DLR Group is the architect and Estes Construction is the general contractor for the hotel renovation. Estimated completion of the renovation is early 2024. CONTACT: Alyssa Olson, 612-616-3814 aolson@sherman-associates.com Backgrounder: Sherman Associates Sherman Associates (www.Sherman-Associates.com) is a growing commercial real estate development and management firm based in Minneapolis with properties throughout the Midwest, Colorado, and Florida. Sherman develops, owns, and operates its assets with a long-term vision to build neighborhoods, enrich communities, and empower people. Sherman Associates has developed over 12,000 multifamily units and currently owns and manages over 6,800 multifamily rental units (affordable and market-rate). Sherman also owns and manages over 640,000 square feet of commercial space, five hotels, four Starbucks, three restaurants, and two solar gardens. Stay connected with Sherman on LinkedIn, Twitter, Facebook, and Instagram.