Crescent, Five Star buy Sirata Beach Resort

In one of the largest lodging acquisitions along the Gulf Coast in the past year, a pair of investment firms have quietly purchased the Sirata Beach Resort & Conference Center for $108.2 million.

The 382-room resort, on St. Pete Beach, was purchased by a joint venture involving Crescent Real Estate LLC, of Fort Worth, Texas, and Five Star Realty Partners LLC, of Atlanta.

The seller, the Nicklaus family, had owned the resort for many years, according to Pinellas County property records.