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. Last Updated: 07/27/2016

St. Pete to Sell Stake in Astoria

ST. PETERSBURG -- The five-star Astoria Hotel will sell off a quarter of its shares next month at a closed tender to be held by the City Property Fund.

The price of the 25 percent stake in the hotel will be fixed at what sounds like a bargain $3.4 million. But bidders Sept. 17 will also pledge at least another $7 million in additional investment in the Astoria, said Vladimir Pavlov, a spokesman for the Property Fund.

Some sources in the local hotel industry suggest the winning bid will be around $15 million or $20 million.

Hotel management, says the Astoria is seeking $10 million to reconstruct the hotel's courtyard with a glass roof and a shopping and restaurant arcade, build a passage between the hotel's two main buildings, the Astoria and the Angleterre, remodel the Angleterre restaurant to also serve as a convention hall, and improve staff training.