Private equity firm Wheelock Street Capital has purchased a Marriott soft-branded, luxury hotel in West Palm Beach, Florida, US.
Named The Ben – West Palm Beach, the 208-room hotel was constructed as Marriott Autograph Collection’s first hotel in Palm Beach County last year.
Located at 251 N Narcissus Avenue in West Palm Beach, The Ben boasts a full-service restaurant, 7,800ft2 of event space, rooftop ballroom, rooftop pool, and amenity deck.
Concord Hospitality will continue to manage the hotel under the new owner. It operates more than 130 hotels, including 23 hotels in Florida.
The company played a significant role in concept design, development, and launch of the property.
Wheelock Street Capital hotel acquisition principal and head Tim Hodes said: “The acquisition marks Wheelock’s first hotel purchase and second fund investment in the West Palm Beach market.
“The property’s institutional quality, A+ location along the coveted Intracoastal, and irreplaceable, lifestyle waterfront nature in a growing South Florida market make this investment another ideal match with our current acquisition criteria.
“Located at the crossroads of the work-live-play epicentre of West Palm Beach, the property is set to benefit from continued leisure and rapidly accelerating corporate group demand. We look forward to our first hospitality investment engaging Concord’s management and working to solidify the property’s position as West Palm Beach’s preeminent luxury hotel offering.”
The Ben – West Palm Beach, Autograph Collection Hotel serves as the highlight of the 435,000ft2 mixed-use lifestyle project, Flagler Banyan Square.
The development provides residential, dining, retail, and other amenities.
Real estate service and investment firm CBRE Group has arranged the sale of the hotel.