Doubletree in Palm Beach Gardens trades for discounted $14M

Miami /
May.May 04, 2016 09:45 AM

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 Articles

arrow_forward_ios
11733 Valeros Court in Palm Beach Gardens with PharmaCord's Nitin Sahney (Google Maps, LinkedIn, Getty)
Healthcare CEO buys Palm Beach Gardens house for $8.8M
Healthcare CEO buys Palm Beach Gardens house for $8.8M
Brick & Timber's Glenn Gilmore and Jesse Feldman with 215 NW 24th Street (LinkedIn, Brick & Timber, Google Maps)
Lease roundup: Brick & Timber, UBS nab tenants
Lease roundup: Brick & Timber, UBS nab tenants
Jennifer Hyland, John Hackett and Pamela Liebman with the new office at 2000 PGA Boulevard in Palm Beach (Corcoran, Getty)
Corcoran opens Palm Beach Gardens office
Corcoran opens Palm Beach Gardens office
Gatsby FL president Babak Ebrahimzadeh and a rendering of 11200 RCA Center Drive in Palm Beach Gardens (LinkedIn/Babak Ebrahimzadeh, Gatsby FL, Getty Images)
Gatsby picks up Palm Beach Gardens mixed-use dev site for $17.5M
Gatsby picks up Palm Beach Gardens mixed-use dev site for $17.5M
Peters + Hyland's Jennifer Hyland and Illustrated Properties' Vince Marotta with 14958 Palmwood Road (Peters + Hyland Group, LinkedIn, Google Maps)
Developers Robert and Myron Miller buy flipped waterfront Palm Beach Gardens mansion
Developers Robert and Myron Miller buy flipped waterfront Palm Beach Gardens mansion
Dan Catalfumo with Renderings of Ritz-Carlton Residences, Palm Beach Gardens (Landing at PGA Waterway)
Ritz-Carlton to brand Catalfumo’s Palm Beach Gardens luxury condo project
Ritz-Carlton to brand Catalfumo’s Palm Beach Gardens luxury condo project
12203 Tillinghast Circle (Illustrated Properties)
Palm Beach Gardens mansion flips for record $22.5M, doubling in price in a year
Palm Beach Gardens mansion flips for record $22.5M, doubling in price in a year
R & B Realty’s Shelby Rosenberg and The Gateway at Wynwood (R & B Realty Group, iStock)
Lease roundup: The Gateway at Wynwood scores three new tenants
Lease roundup: The Gateway at Wynwood scores three new tenants
arrow_forward_ios

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

Loading...