A husband and wife from St. Petersburg paid cash to acquire the property.
ST. PETERSBURG - Grayl's Hotel, the boutique hotel located on Beach Drive in downtown St. Petersburg, sold for $1.85 million. St. Petersburg residents Chuck and Dr. Kathy Reilly Prather paid cash to acquire the property.
The Prathers purchased the hotel from Cornerstone Community Bank, which acquired the property in an online foreclosure auction.
The couple plans to renovate the hotel, with roughly one year's worth of planned construction work slated to start in September. The planned renovations include major changes, including the addition of two stories. Southwind Hospitality will provide hotel and restaurant management services.
Built in the 1920s, Grayl's Hotel currently offers 19,000 square feet of space and 22 hotel rooms on three floors.