Doubletree in Palm Beach Gardens trades for discounted $14M

CMBS trust, which acquired hotel in October for $31M, sold property at discount

May.May 04, 2016 09:45 AM

Doubletree by Hilton in Palm Beach Gardens

Chester, Virginia-based Shamin Hotels paid $13.6 million for a Doubletree by Hilton in Palm Beach Gardens. 

Records show a Shamin affiliate spent nearly $49,000 a room on the 279-key hotel at 4431 PGA Boulevard. The seller is BACM 2006 2 Hotel at Palm Beach Gardens LLC, a CMBS trust managed by U.S. Bank.

The trust acquired the property in October for $31.4 million to satisfy a foreclosure lawsuit over a $24 million mortgage. The suit was first filed in May 2015 by U.S. Bank, acting as trustee for Banc of America Commercial Mortgage, against Maryland-based Thayer Lodging, which paid $28 million for the hotel in 2006.

The LEED Silver certified hotel, a three-building complex, sits on an 8-acre site. It includes a restaurant, lounge, pool with cabanas, and more than 16,000 square feet of flex meeting space.

Shamin owns more than 4,564 hotel rooms in Virginia, North Carolina and Maryland. It owns and operates brands that include Marriott, IHG, Choice, Starwood and Hyatt, according to the company’s website.

Related Article

Toll Brothers CEO Douglas C. Yearley, Jr. an a rendering of Avenir Community

Homebuilder Toll Brothers adds to portfolio aimed at active adult communities in Palm Beach Gardens

Brenton Saunders and 14630 Watermark Way

Wrinkle-free deal? Botox parent Allergan CEO sells Palm Beach Gardens home

Chicken Soup for the Soul publisher sells Deerfield Beach properties, pollutants discovered at new Miami Civil Courthouse: Daily digest

David Associates’ Al Marulli and the Shoppes in the Gardens

David Associates sells Palm Beach Gardens shopping center for $9M

Legacy Place at 1000 Legacy Place in Palm Beach Gardens and Alton Townhomes at 8072-8110 Hobbes Way

Private equity landlord drops $10M for Palm Beach Gardens apartments

PB Gardens condo community seeks yet another contractor to repair its buildings

The Financial Center at the Gardens and Ted Mathas, CEO of New York Life Insurance Company

New York Life pays $72M for Palm Beach Gardens office tower

A rendering of the project (Credit: Life Time Athletic)

Palm Beach Gardens approves fitness center at Downtown at the Gardens