Rockwood Capital sold the Jupiter Beach Resort & Spa late last month to its joint-venture partner, the Delray Beach-based hospitality firm Ocean Properties Hotels Resorts & Affiliates, for $49.35 million, property records show.
Ocean Properties paid $294,000 per room for the 168-key hotel at 5 North A1A. It also closed on a $48.4 million mortgage from Bank of New Hampshire.
The 7.5-acre property features 1,000 feet of beachfront, a tennis court, a poolside bar and grill, a spa, a gym and more. Ocean Properties could not immediately be reached for comment.
Ocean Properties and Rockwood Capital affiliate Oprock Jupiter Fee LLC paid nearly $22 million for the hotel in 2007, meaning this sale marks an increase of 124 percent. The joint venture refinanced the property in 2013 at an appraised value of $57.4 million, according to data from Real Capital Analytics.
The five-story hotel, built in 1973, sits just north of Carlin Park, a beachfront recreation and picnic area with an amphitheater, tennis courts and more. It’s about 6 miles away from Trump National Golf Club Jupiter.
Ocean Properties has more than 30 hotels in Florida and operates more than 100 properties in North America. It develops, owns and manages hotels and restaurants in the U.S. and Canada.
Rockwood, based in Los Angeles, made headlines last year when its “Real Estate Partners Fund X” closed $1.1 billion in capital commitments.
In September, Ocean Properties paid $61 million to buy out its partner Rockwood Capital at their Hollywood Beach Marriott hotel in a similar deal. That sale broke down to about $266,000 per key.