The Kolter Group will acquire the Hilton St. Petersburg Bayfront hotel for $96 million in cash from Ashford Hospitality Trust.
According to the United States Securities and Exchange Commission, the deal is expected to close in the first quarter of this year. The two companies entered into a purchase agreement Dec. 12.
Kolter provided an initial earnest money deposit of $500,000. The company delivered a “Notice to Proceed” Feb. 20 – making the deposit non-refundable…