Best Western Plus in Palm Beach Gardens, an 83-room, four-story hotel, recently sold for $12.03 million, which was negotiated by representatives from Marcus & Millichap’s Fort Lauderdale office.
“This sale was a great representation of the value premium attached to highly desirable locations with strong fundamentals,” Robert S. Hunter says, the senior vice president of investments for Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services. “The hotel will require a post-closing renovation and the sale price was well beyond what any measurable historical metric would justify.”
Hunter, Leo Reilly and McLean Hicklin, investment specialists based in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a significant Southeast Florida-based development and management company. Reilly, Hunter and Hicklin also procured the buyer, a Louisiana and Florida-based partnership.
Best Western Plus is located at 11360 U.S. Highway 1 near world-class golf courses, the Atlantic Ocean and downtown West Palm Beach, a migration point for many financial services firms. Hotel amenities include banquet and conference facilities, a business center, a fitness center and an outdoor pool.