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

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.

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