The 15-story Hilton Bayfront in downtown St. Pete is under contract to be sold to a prominent developer for $96 million | Costar

In a deal that could reshape downtown St. Petersburg’s skyline in the years ahead, Delray Beach-based Kolter Group is under contract to purchase the Hilton St. Petersburg Bayfront on the downtown waterfront.

The 15-story hotel, which offers sweeping views of Tampa Bay, is expected to remain open for now. Long term, however, the three-acre site carries significant redevelopment potential.

Located at 333 1st Street South, the property sits across from Al Lang Stadium, The Dalí Museum, and the Mahaffey Theater, and just steps from Central Avenue and Beach Drive.

The hotel was originally built in 1972 and renovated in 2014. It includes 333 guest rooms, 33 meeting rooms, and approximately 47,710 square feet of event space.

According to a February 20, 2026 filing with the U.S. Securities and Exchange Commission, the owners of the Hilton Bayfront, Ashford Hospitality Trust subsidiaries St. Petersburg Florida Hotel Limited Partnership and Ashford TRS Lessee II LLC, entered into a purchase and sale agreement on December 12th, 2025 to sell the property to Kolter Group Acquisitions LLC for $96 million.

A map of the Hilton Bayfront hotel in St petersburg, FL | St. Pete Rising

Kolter put down an initial $500,000 deposit, which became non-refundable on February 20th after the company formally confirmed its intent to proceed with the purchase. An additional $1.9 million deposit was due shortly thereafter. Both deposits will be credited toward the purchase price.

The sale is expected to close in the first quarter of 2026, subject to customary closing conditions.

While no redevelopment plans have been announced, the property will likely make way for a new residential tower.

The parcel falls within the Downtown Center-1 (DC-1) zoning district, one of the densest in the city, allowing a base floor area ratio of 3.0 and the potential to exceed 7.0 with public approval and applicable bonuses.

Kolter has been one of the most active high-rise developers in downtown St. Petersburg over the past decade.

The group delivered the 41-story ONE St. Petersburg in 2019, followed by the 35-story Saltaire in 2023, and is nearing completion of the 42-story Art House tower.

Kolter’s 35-story Saltaire condominium tower rises beside the Hilton Bayfront during construction in early 2023 | St. Pete Rising

Kolter’s connection to the Hilton Bayfront site dates back to 2019, when Ashford Hospitality Trust sold the hotel’s 1.65-acre surface parking lot to the developer for $17.5 million. That parcel ultimately became the site of Saltaire, which now sits adjacent to the hotel.

As part of the Saltaire development, Kolter constructed a 205-space parking garage and sold those spaces back to the hotel in a $4 million transaction in 2022.

It’s still unclear whether a future redevelopment would require demolishing the hotel or if the existing 15-story structure could be incorporated into a new project.

For now, the Hilton St. Petersburg Bayfront will continue operating as a hotel and conference venue.