New England Development pays $15M for Palm Beach hotel

Bradley Park Hotel sold for $480k per key

Miami /
Apr.April 30, 2018 03:30 PM
 

Bradley Park Hotel and Khaled Hashem

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.


Related Articles

arrow_forward_ios
Developer Jeffrey Soffer and the JW Turnberry resort at 19999 West Country Club Drive in Aventura (Getty, TripAdvisor)
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
Jeffrey Soffer’s Turnberry Isle resort scores $412M refi from Bank of China
1201 Brickell Bay Drive, Citadel's Ken Griffin and 830 Brickell office tower in Miami (Google Maps, OKO Group and Cain International, Illustration by Priyanka Modi for The Real Deal with Getty)
Mapping out Ken Griffin’s Miami shopping spree
Mapping out Ken Griffin’s Miami shopping spree
Frank Pellegrino Jr. with Loews Miami Beach and Loews Hotel owner Jonathan Tisch (Rao's, Google Maps, Getty)
Iconic NYC eatery Rao’s to open at Loews Miami Beach
Iconic NYC eatery Rao’s to open at Loews Miami Beach
G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)
Blackstone sells five South Florida budget hotels for $61M
Blackstone sells five South Florida budget hotels for $61M
Todd and Kim Glaser with 125 Via Del Lago in Palm Beach (Google Maps, Illustration by Priyanka Modi for The Real Deal with Getty)
Seller’s remorse? Developer Todd Glaser buys back Palm Beach mansion for $23M
Seller’s remorse? Developer Todd Glaser buys back Palm Beach mansion for $23M
Hyatt CEO Mark Hoplamazian and Gencom Founder and Principal Karim Alibhai with a rendering of the proposed three-tower development at 400 Southeast Second Avenue (James L. Knight Center) (LinkedIn, Gencom, Arquitectonica)
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
NR Investments' Ron Gottesmann and Nir Shoshani (top) and a rendering of  the development in Allapattah (NR Investments, DPZ CoDesign)
NR Investments wants to build mixed-use complex in Miami’s Allapattah
NR Investments wants to build mixed-use complex in Miami’s Allapattah
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, Banyan Cay, Illustration by The Real Deal with Getty)
Developers of troubled West Palm resort project facing $61M foreclosure
Developers of troubled West Palm resort project facing $61M foreclosure
arrow_forward_ios

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

Loading...