Electra America Hospitality Group, a joint venture between Electra America and AKA, has acquired a new property in downtown West Palm Beach, Fla., that will be developed into the AKA West Palm. EAHG purchased the new-build six- story building for $84 million from developer Transwestern Development Company.
The AKA West Palm is set to open this summer with 217 suites and residences, 6,000 square feet of ground-floor retail directly on S. Olive Avenue, an indoor/outdoor lounge and bar that is accessible from the pool and deck, a fitness center, a conference room and smaller conference nooks, a pet spa and a private residence lounge space for AKA members.
“As we continue to remain committed to finding exceptional assets in well-located markets, this downtown West Palm Beach property presented us with an opportunity to create a high-quality suite hotel for this high-growth market,” EAHG CEO Russ Urban said in a statement. “It’s a beautifully designed property in the heart of the central business district, and with the recent migration of several large financial and tech firms from New York to Palm Beach, combined with an uptick in drive-to leisure travel, we are confident AKA West Palm will have a great demand for accommodations.”
The new hotel residence will have studio, one and two-bedroom layouts ranging from 351 square feet to more than 840 square feet. Originally designed as micro-apartments, all suites and residences will have a kitchen or kitchenette to cater to longer-stay guests.
This deal marks EAHG’s fourth acquisition since the joint venture launched in early 2021 with the intent to acquire and reimagine transient hotels in gateway cities, as well as AKA’s debut in Palm Beach. Late last year, EAHG purchased a 201-room property in Miami, which is now the Hotel AKA Brickell.