Crystal Bay Properties, LLC _______________________________________
Mark W. Tong
Managing Partner
Thank you for your interest in the Crystal Bay Hotel, located at 7401 Central Avenue, Saint Petersburg, Florida. We are seeking a purchaser, partner or private lender for this 66 room historic hotel. The estimated market value is around $2,200,000 ($55/ft). Our estimated cost to complete the build-out is at $1,000,000 the estimated completed value is $3,600,000 ($60,000 per door). The total time for completion is eight months. We currently have an active construction permit for the hotel and have submitted a site plan to the city for the parking lot to the east of the hotel. The hotel is “grand-fathered” in as a hotel or assisted living facility. At the completion of construction, we have the possible “tenant user” for the property. Our asking price for the hotel is $2,200,000. Should you have any questions or would like to view the property, please do not hesitate to contact me.
Again, thank you for your interest.
Sincerely,
Mark
Mark W. Tong, MGR
CRYSTAL BAY PROPERTIES, LLC – 11580 OAKHURST ROAD, LARGO, FL 33774 PHONE 727 455-2260 EMAIL: [email protected]