The Real Deal Miami

Rockbridge Capital buys Palm Beach Gardens Marriott

Investcorp and Procaccianti sold hotel for $106K per room
By Katherine Kallergis | December 28, 2017 12:30PM

Palm Beach Gardens Marriott and Rockbridge CEO James Merkell (Credit: Rockbridge Capital, Marriott Hotels & Resorts)

Rockbridge Capital just paid $29 million for the Palm Beach Gardens Marriott, property records show.

The U.S. arm of Bahraini private equity firm Investcorp and its minority partner the Procaccianti Companies sold the 273-key hotel at 4000 RCA Boulevard for more than $106,000 per room.

Records show it last sold for $62.8 million in 2007, meaning it just traded for less than half that price. The recorded price may not include fixtures, furnishings and equipment.

The hotel is the only South Florida property owned by Columbus, Ohio-based Rockbridge, a hotel investment firm, and marks its second in the state, according to its website. The company could not immediately be reached for comment.

The 11-story building, completed in 1990 and renovated in 2006, includes 20,000 square feet of event space, a gym, a pool and a restaurant.

Procaccianti, based in Cranston, Rhode Island, sold the majority interest of the hotel to Investcorp in 2007 as part of a nine-property portfolio. The investment and management company kept 4 percent ownership, according to data from Real Capital Analytics.

Investcorp’s U.S. commercial real estate arm focuses on mid-market core and core-plus investments, according to its website. In November, it sold an apartment complex in Coral Springs for $42 million, and last year Investcorp paid more than $105 million for three student housing communities in Boca Raton.

Investcorp declined to comment, and Procaccianti could not immediately be reached.