The Real Deal Miami

Straub buys Palm House hotel debt

October 23, 2009 11:11AM

An investment group headed by Glenn Straub, owner of the old Miami Arena and the Palm Beach Polo Golf and Country Club, has purchased the outstanding mortgage debt on The Palm House hotel in Palm Beach, which had faced a $22 million foreclosure. Aztec Group, a Miami-based real estate investment and banking firm, represented the seller, 111 Debt Acquisition Holdings. Terms of the deal were not disclosed. Boaz Ashbel, managing director of the Aztec Group, said it would cost between $10 million to $15 million and take about a year to complete the hotel. [GlobeSt]