The U.K.-based investor and developer London and Regional Properties has made a foray into the United States, acquiring its its first American property: The Palm House Hotel.
The 79-unit, 82,648-square-foot Palm Beach, Fla., hotel sold for $39.6 million or $501,226 per key via a Section 363 bankruptcy sale facilitated by Cushman & Wakefield. The real estate services firm represented 160 Royal Palm, the court-appointed receiver.
The hotel is located on a 1.38-acre site on Palm Beach Island less than one block from the Atlantic Ocean. It was developed in 1961 and expanded in 1981. Significant renovations began in 2006 but came to a halt in 2014. The property is vacant.
"The Palm House Hotel represented an intriguing investment opportunity in one of world's premier travel destinations," said Robert Given, Cushman & Wakefield’s vice chairman of capital markets for South Florida. "The auction process attracted a global audience of qualified bidders and helped achieve exceptional value for the seller."
London and Regional Properties' plan to to restore and reposition the asset, according to C&W.