Commercial Real Estate, Capital, Insurance, Leasing & Management

Tampa Bay Business Journal: Tampa Real Estate maven Andrew Wright buys Downtown St. Pete’s Hotel Indigo

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A Tampa real estate firm has acquired Hotel Indigo in downtown St. Petersburg and plans to transform the property into the boutique Exchange Hotel.

Ally Capital Group, the real estate investment firm controlled by Franklin Street founder Andrew Wright, recently acquired the hotel at 234 Third Ave. N and began exterior and interior renovations.

There will be extensive renovations to the lobby to update and modernize the space as well as updates to the pool, the entrance, new landscaping and signage and a new exterior paint job. Franklin Street is offering project management services for the renovation and will then provide ongoing onsite property management.

Exchange Hotel will feature seven suites and 69 boutique-style guest rooms, a restaurant and bar and event space. For the restaurant, Wright has brought on board Tampa restaurateur Jeff Gigante. Gigante and Wright are partners in Next Level Brands, a hospitality company that will debut its first concept, Union New American, at Westshore City Center in the coming months.

“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,” Andre Ward, the hotel’s general manager, said in a statement. “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.”

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