ST. PETE BEACH, Fla. -- The iconic Don CeSar Hotel, the subject of postcards and tourism ads for years, has been bought by Host Hotels & Resorts and will be managed by Davidson Hotels & Resorts, according to a Loews Hotels spokeswoman.

The 2-77 room St. Pete Beach landmark had been owned by Prudential Insurance with Lowes managing the property and holding 20 percent of the site, according to the Tampa Bay Times.

Also known as the Pink Palace, the hotel was built in 1928 has taken many forms over the years all while collecting awards. The hotel was an Army hospital in the 1940s and then turned into an office for the Veterans Administration.

A $10 million last year renovated the restaurant and bar area that faces the Gulf of Mexico, and updated the the The Beach House Suites, a 70-room hotel on St. Pete Beach. The hotel, formerly named the Wander Club Residence, was bought by the Don CeSar and renamed in 1997.

More coverage of the Don Cesar:

Don CeSar Hotel faces $700,000 in construction liens