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Minneapolis developer plans major renovation of St. Pete Beach hotel

A company has paid $38 million for a waterfront property and plans to transform it into a four-star luxury hotel.

  • By Louis Llovio
  • | 4:24 p.m. November 15, 2022
  • | 2 Free Articles Remaining!
Minneapolis developer paid $38 for The Hotel Zamora and plans to transform it into 4-star luxury hotel. (Courtesy photo)
Minneapolis developer paid $38 for The Hotel Zamora and plans to transform it into 4-star luxury hotel. (Courtesy photo)
  • Tampa Bay-Lakeland
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A well-known St. Pete Beach hotel will undergo a $7 million renovation as its new owners look to transform it into a 4-star luxury property.

The Hotel Zamora is a 72-room boutique property on Gulf Boulevard that sits on the intercoastal waterway. It already includes private dock access, an upscale full-service restaurant named Castile and a rooftop deck with views of the beach and the Gulf of Mexico.

Plans for the property include a major renovation that will see upgrades to guest rooms, the lobby, the reception area, the event space, the pool bar and the rooftop. These upgrades, new owner Sherman Associates says, are focused on serving locals.

The work is scheduled to be complete sometime in 2024. A spokesperson for Sherman did not respond to questions about whether the hotel would close or if guest would be affected while work was underway.

Sherman Associates, a Minneapolis-based real estate development company, recently bought the property for $38 million along with a neighboring former bank building.

The spokesperson also did not respond to a question about what role the bank property would play in the renovated hotel.

Zamora is Sherman’s first property in the Tampa market. The company says it sees the hotel as its “establishment of a regional hub to pursue additional developments.”

Sherman owns 12,000 multifamily units in several states as well as managing over 640,000 square feet of commercial space, including five hotels carrying the Hilton, Marriott and IHG flags.


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