New England Development paid $15.4 million for the Bradley Park Hotel in Palm Beach, property records show.
The New Bradley House Limited, led by Gayla Sue Levin, sold the 32-key hotel at 280 Sunset Avenue to New England Development affiliate Bradley Park Owner LLC.
The Boston-based buyer plans to renovate and upgrade the landmark property, which was built in 1924. It sold for about $480,500 per key.
The acquisition is the first hotel in South Florida for New England Development, said Khaled Hashem, managing director of hospitality. The firm developed and manages the Palm Beach Outlets in West Palm Beach and the adjacent Marketplace at the Outlets. In Boston, it is part owner of the Taj Boston Hotel and developed the Westin Boston Waterfront Hotel.
The nearly 29,000-square-foot Palm Beach hotel includes Trevini restaurant and C’est Si Bon, a gourmet store and catering company on the ground floor.
Chris Deitz of The Fite Group brokered the off-market deal, according to the Palm Beach Daily News.
In December, the Clark family sold its majority interest in the nearby historic Colony Hotel to the son of former minority owner Bob Wetenhall Sr. for $12 million.