Tampa real estate heavyweight Joe Lubeck, CEO of American Landmark Apartments, has snapped up the Embassy Suites by Hilton Palm Beach Gardens for $40 million, adding another trophy to his family’s portfolio in the area. The deal includes the 160-key hotel plus four adjacent acres, with $34 million allocated to the hotel and $6 million to the land. Sitting at 4350 PGA Boulevard, the 10-story, atrium-style property features a pool, fitness center and roughly 8,500 square feet of meeting space.
Deal Details And Property Snapshot
On a pricing basis, the acquisition comes out to about $212,500 per room and roughly $1.5 million per acre. The hotel itself occupies an approximately 3.2-acre site, was completed in 1990 and offers substantial meeting and event space that keeps it competitive in the local corporate and leisure market. The seller was Dallas-based Ashford Hospitality Trust, which has recently had loans on several properties shifted into special servicing, as reported by The Real Deal.
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