Clark family sells Colony Hotel in Palm Beach to Wetenhall son in $12M deal

Historic hotel underwent a $14M renovation last year

TRD MIAMI /
Dec.December 29, 2016 10:41 AM

The Clark family has sold its majority interest in the historic Colony Hotel to the son of former minority owner Bob Wetenhall Sr.

The Colony Hotel Inc. transferred ownership of the 82-room, roughly 2.5-acre hotel to CH Hotel LLC for $12 million, records show. The sale includes the three parcels at 155, 135 and 152 Hammon Avenue. CH Hotel, which was managed by Bob Wetenhall Sr., owned part of the two smaller parcels before this week’s sale.

Wetenhall Sr. no longer has an ownership interest in the hotel but will continue to live there, his son Andrew told the Palm Beach Daily News. Now, New York-based investment banker Andrew Wetenhall and his wife, Sarah, control ownership of the hotel.

The Wetenhall family is tied to the ownership and management of major sports franchises, including the Montreal Alouettes and the New England Patriots.

Wetenhall Sr. purchased the historic hotel with a business partner from Joseph Tankoos nearly 50 years ago. The late Hays Clark, a former Avon executive, and his wife, Rosamund, were also involved in the hotel’s ownership since the 1970s, according to the Daily News.

The hotel’s market value is listed on the tax rolls as a combined $18.78 million. Last year, the former owners completed a $14 million overhaul of the property, which included renovating the Colony’s pavilion ballroom, three penthouses and seven two-bedroom villas, and installing a new sound and lighting system, ceiling, carpet, new chandeliers and custom-designed wall covering. Interior designer and decorator Carleton Varney of Dorothy Draper & Co. led the renovation.

In addition to its guest rooms, the Colony, built in 1947, has 14 suites, three penthouse suites and seven guest villas. Amenities include two pools and a business center. Room rates start at about $600, according to the hotel’s website. [Palm Beach Daily News] – Katherine Kallergis


Related Articles

arrow_forward_ios
Steve Schonfeld, Bellaria condominium complex (Credit: Google Maps)

Hedge funder Steven Schonfeld sells Palm Beach condo

Hedge funder Steven Schonfeld sells Palm Beach condo
110 Atlantic Avenue, Scott Schuster (Credit: Google Maps)

Healthcare entrepreneur sells Palm Beach home for $8M

Healthcare entrepreneur sells Palm Beach home for $8M
Peter Brant, Robert S. Taubman, and 1820 South Ocean Boulevard (Credit: Sylvain Gaboury/Patrick McMullan, John Sciulli, via Getty Images, and Google Maps)

Taubman family sells Palm Beach estate to paper mogul for $47M

Taubman family sells Palm Beach estate to paper mogul for $47M
Keith Frankel and 169 Everglades Avenue (Credit: Realtor.com, MidOcean)

Former Subway exec buys Palm Beach house

Former Subway exec buys Palm Beach house
1120 North Lake Way (Credit: Google Maps)

Trust of taxi magnate’s wife picks up waterfront Palm Beach home for $13M

Trust of taxi magnate’s wife picks up waterfront Palm Beach home for $13M
A photo illustration of 620 Arvida Parkway (Credit: Compass, iStock)

Staying on the sunny side: South Florida resi brokers see upside in coronavirus

Staying on the sunny side: South Florida resi brokers see upside in coronavirus
Two North Breakers Row (Credit: Google Maps)

Former publishing exec buys Breakers Row condo for $8M

Former publishing exec buys Breakers Row condo for $8M
Four Seasons Resort Palm Beach and Carillon Miami Wellness Resort

Carillon Miami Beach, Four Seasons Palm Beach furlough 550 employees

Carillon Miami Beach, Four Seasons Palm Beach furlough 550 employees
arrow_forward_ios

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

Loading...