Shirley Ann Hotel owners buy Kelly Hotel
BUYER: Williams Park Hotel LLC (principals: Bruce Gramaila and Gary Kalberg), St. Petersburg
SELLER: Stearns Bank NA
PROPERTY: 326 1st Ave. N., St. Petersburg
PREVIOUS PRICE: $2.95 million, March 2006
TITLE FIRM ON DEED: Fidelity National Title Insurance Co., Clearwater
PLANS, DESCRIPTION: Hoteliers Bruce Gramaila and Gary Kalberg of the Shirley Ann Hotel in St. Petersburg purchased the nearby historic 65-room Kelly Hotel at the southwest corner of 1st Avenue and Florida 687 for $910,000. The purchase price equated to $14,000 per room.
Elliott Ross and Karin Stewart of The Ross Realty Group Inc. and Vector Commercial Real Estate Services LLC represented the seller Stearns Bank.
“The previous owner took out a loan from First State Bank to renovate the hotel,” Ross says. “Only one floor got renovated, and the renovation was tile on the floors and replacing the fixtures. They also paid too much for the property so they went into default.”
The 27,338-square-foot property needed a new roof, according to Ross, a major update to the elevator system and several other improvements associated with deferred maintenance at the time of the sale.