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.

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Hotel Indigo to be replaced by boutique hotel – Tampa Bay Business Journal (bizjournals.com)