September 21, 2023

Hotel Zamora in St. Pete Beach sold for $34.7 million

1 min read
Hotel Zamora in St. Pete Beach sold for .7 million

Published Sep. 23|Updated Sep. 23

An upscale boutique hotel in St. Pete Beach is changing hands.

Hotel Zamora, which opened in 2014 after years of construction at 3701 Gulf Blvd., has been sold to a Minnesota real estate investor and developer for nearly $34.7 million, according to Pinellas County records.

The four-story, 72-room hotel on the Intracoastal side of Gulf Boulevard stands out in St. Pete Beach for its Mediterranean-style architecture and vibe, including Spanish-forward restaurant Castile. It’s also known for its expansive, 360-degree rooftop bar and lounge area, popular at sunsets.

Plans were unveiled in 2007 for what was to be St. Pete Beach’s first new hotel in decades, just blocks north of the Don CeSar Hotel. But funding dried up with the housing bust and recession; it wasn’t until 2013 that private investors added more than $10 million to the pot to finish the project.

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The seller is a limited liability company called Zamora Hospitality Group, owned by Tampa anesthesiologist Devanand Mangar, a former director and chief of staff at Tampa General Hospital. Mangar purchased the hotel for $14.5 million in 2016.

The buyer is a limited liability company tied to Sherman Associates, a Minnesota developer and investor with a focus on commercial and residential properties. Sherman has developed more than 11,700 multifamily residences and 6,600 rental units; its hotel portfolio includes Aloft and Canopy by Hilton properties in Minneapolis.

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