Commercial Real Estate, Capital, Insurance, Leasing & Management

St. Pete Rising: New Boutique Hotel to Replace Former Hotel Indigo in Downtown St. Pete

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A new boutique hotel is coming to downtown St. Petersburg this winter. The Exchange Hotel, formerly known as the Hotel Indigo, will feature 76 charming guest rooms and suites along with an elegant restaurant & bar and spacious event space in the heart of the city’s downtown district.

“We look forward to The Exchange Hotel serving as a comfortable, walkable home base from which to explore all the Sunshine City has to offer,” said Andre Ward, the hotel’s General Manager. “Nestled in the heart of Downtown St. Pete, our hotel features a unique balance of inviting gathering spaces and charming, cozy guestrooms that provide the perfect place to rest your head – whether you’re here for work or play.” 

Located 234 Third Avenue North, The Exchange Hotel is situated blocks from the dining, shopping and entertainment venues that decorate the famous Beach Drive and Central Avenue.

The hotel’s restaurant will be a new concept from Next Level Brands, a new hospitality group led by renowned local restaurateur Jeff Gigante. Earlier this year, Next Level Brands announced a new two-story 9,300 square foot restaurant coming soon to Westshore City Center. While their restaurant at The Exchange Hotel won’t be as upscale and extensive, it will be a great complement to the other cozy hotel bars in the area.

The Exchange Hotel was recently acquired by Tampa-based investment firm Ally Capital Group, which has been implementing interior and exterior renovations to update the property while maintaining its quaint charm.

The hotel’s lobby is currently undergoing a complete renovation to update and modernize the space. In addition, the building is receiving new exterior paint, new landscaping, and an updated entrance.

Franklin Street is providing project management services for the renovations and will provide ongoing onsite property management.

Prior to the pandemic, there were a handful of new hotels proposed for downtown St. Pete. However, many projects featuring hotels were delayed or reconfigured as financing for new hotel construction dried up. As a result, The Exchange Hotel will be a welcome, and much needed, addition to downtown St. Pete’s hotel stock.

The Exchange Hotel plans to soft open before the end of the year.

Read more here from St. Pete Rising

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