A Renaissance hotel could rise on a site in downtown West Palm Beach where a condo project failed during the economic recession of the late 2000s.
The hotel project developer is William Jacobson, who was one of the investors in the failed condo project at 302 Datura Street in West Palm Beach.
Jacobson told the Sun-Sentinel he plans to build an eight-story, 166-room hotel on the downtown site: “I think there’s a very strong market in downtown even though there are other new hotels opening up.”
The hotel is located near City Hall in West Palm Beach and near the city’s Clematis Street entertainment district. The hotel’s location is also near a train station is under construction for the planned Brightline passenger rail services, formerly known as All Aboard Florida.
Jacobson, a West Palm Beach attorney, also told the Sun-Sentinel that he is in discussions with potential lenders and equity partners who would fund the $40 million hotel development, and he expects to finalize financing within the next 90 days.
Demolition of a vacant three-story building on the site would precede an 18-month hotel construction schedule.
Jacobson told the Sun-Sentinel that he hopes to operate the hotel under the Renaissance flag, a Marriott International brand catering mainly to business travelers: “We are negotiating with Marriott and hope to choose a flag pretty soon.” [Sun-Sentinel] —Mike Seemuth