MHG Hotels has acquired the Courtyard by Marriott West Palm Beach for $20.5 million. And they have good reason to be bullish about the deal. 2 million square feet of new office is coming to the market in West Palm Beach near the Palm Beach International Airport, where the hotel is situated. MHG plans to start $4 million in renovations to the Marriott-branded hotel, including updating guest rooms, modernizing commons spaces and an exterior revamp.
Ohio-based Regal Hospitality sold the 103-room hotel at 1800 Centrepark Drive E. The price equated to nearly $200,000 per room.
The hotel last traded for $15.3 million in June. The 62,628-square-foot hotel was built on the 2.52-acre site in 2001. The property includes a pool, restaurant and fitness center.
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Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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Read MoreConnect CREMHG Hotels has acquired the Courtyard by Marriott West Palm Beach for $20.5 million. And they have good reason to be bullish about the deal. 2 million square feet of new office is coming to the market in West Palm Beach near the Palm Beach International Airport, where the hotel is situated. MHG plans to …
The post West Palm Beach Airport Hotel Flips for $20.5M appeared first on Connect CRE.