Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Best Western Plusin Palm Beach Gardens, Florida. The 83-room, four-story hotel sold for $12,030,000.
“This sale was a great representation of the value premium attached to highly desirable locations with strong fundamentals,” said Robert S. Hunter, senior vice president investments. “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 large Southeast Florida-based development and management company. The buyer, a Louisiana and Florida-based partnership, was also procured by Reilly, Hunter, and Hicklin.
Best Western Plus is located at 11360 U.S. Highway 1.The hotel is a short distance fromworld-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.