West Palm Beach Marriott scores $30M refi

Miami /
Aug.August 04, 2015 09:45 AM

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.


Related Articles

arrow_forward_ios
13th Floor's Arnaud Karsenti and Wexford's Joseph Jacobs and Philip Braunstein with rendering of The Residences of Palm Beach West (13th Floor Investments, Wexford Real Estate Investors, Arquitectonica)
13th Floor, Wexford propose 25-story tower in downtown West Palm
13th Floor, Wexford propose 25-story tower in downtown West Palm
Publix, West Palm Beach
Publix pays $57M for shopping center it anchors in West Palm Beach
Publix pays $57M for shopping center it anchors in West Palm Beach
Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
LBCW Investments' Clay Hamlin III with 1100 25th Street and 1426 Skees Road (Loopnet, LBCW)
Industrial play: Alliance HP trades one West Palm complex for another
Industrial play: Alliance HP trades one West Palm complex for another
Pantzer's Jason and Jordan Pantzer with The District Flats apartment complex at 1701 Clare Avenue (Pantzer Properties, Google Maps)
Pantzer pays $78M for West Palm Beach apartment complex
Pantzer pays $78M for West Palm Beach apartment complex
From left: a rendering of the project at 201 Clearwater Drive in West Palm Beach, Starwood Capital CEO Barry Sternlicht, Hyperion Group CEO Rob Vecsler and Winter Properties co-CEO David Winter (Getty, Hyperion, Winter Properties)
Starwood, Hyperion and Winter Properties score $96M construction loan for West Palm mixed-use project
Starwood, Hyperion and Winter Properties score $96M construction loan for West Palm mixed-use project
BGI Companies' Kenneth Baboun, a rendering of Alba Palm Beach and Trez Capital's Ben Jacobson 
BGI scores $82M construction loan for luxury condo project in West Palm Beach
BGI scores $82M construction loan for luxury condo project in West Palm Beach
Jorge Pérez vs Stephen and Louise Kornfeld with a rendering of Icon Marina Village (Related Group, Getty, Wikipedia)
Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit
Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...