The Real Deal Miami

West Palm Beach Marriott scores $30M refi

Hotel was built in 1981, last sold for $20.5M

August 04, 2015 09:45AM
By Sean Stewart-Muniz

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The Marriott in West Palm Beach

The Marriott in West Palm Beach

The owners of a Marriott hotel in West Palm Beach just took out $30 million in financing on the property.

Located at 1001 Okeechobee Boulevard, the 10-story Marriott was built in 1981 and has 341 rooms, an outdoor pool and 18,000 square feet of meeting space.

PBM Properties paid $20.5 million to acquire the hotel from the Insignia Commercial Investments Group in 2002.

At the time, PBM Properties shared an address with Marriott International’s corporate headquarters. But in 2006, the company changed its address to the Jarrard & Lowrey law firm based in Maryland. The firm specializes in commercial real estate transactions, hotel management law and commercial leases, according to its website.

The $30 million in financing was issued by Wells Fargo Bank.

Earlier this year, Marriott International sold the Miami Beach EDITION for $230 million. Marriott traded the hotel in a jumbo cash deal to the Abu Dhabi Investment Authority in February.