A Delray Beach developer that’s built several luxury condos in the Tampa Bay area has purchased the Hilton St. Petersburg Bayfront hotel at 333 First St. SE.

A limited liability company tied to the Kolter Group bought the property from Ashford Hospitality Trust Inc. for $67.2 million, according to a deed filed with the Pinellas County clerk’s office on March 5.

The actual deal is likely much higher. In a March report filed with the federal Securities and Exchange Commission, Ashford said it had entered into an agreement to sell the hotel for $96 million.

The 15-story hotel was built in 1970 and features 333 guest rooms and 47,710 square feet of event space. It’s situated on 3.5 acres.

No redevelopment plans have been announced for the property. Kolter did not immediately respond to a request for comment.

Kolter has been doing business in St. Petersburg for over a decade, heading up luxury condo projects like Saltaire, Art House and One St. Petersburg. It is currently building One Tampa, which is set to be the tallest residential tower in that city.

The company previously unveiled plans to build a Hilton hotel at the corner of Third Avenue N and Second Street N in downtown St. Petersburg. Progress on that project had seemingly stalled out until this week, when demolition began on a nearly 90-year old building on the site.