Holiday Inn near Palm Beach Airport sells for $20M

The property sold for $100K per room

TRD MIAMI /
Jun.June 17, 2019 09:45 AM
AD1 Global CEO Daniel Berman and Holiday Inn Palm Beach-Airport Conference Center

AD1 Global CEO Daniel Berman and Holiday Inn Palm Beach-Airport Conference Center

AD1 Global paid $20 million for the Holiday Inn Palm Beach-Airport Conference Center Hotel.

The Hollywood-based real estate firm bought the 200-room hotel at 1301 Belvedere Road in West Palm Beach for $100,000 per room, records show. The seller is a company managed by Stephen Phillips, a seafood restaurateur in Ocean City, Maryland.

AD1 Global secured a $17.9 million loan to fund its purchase of the hotel.

The property sits on nearly 6 acres and totals 130,381 square feet. It’s located right off I-95.

Phillips paid $3.45 million for the hotel in 1994, records show. The hotel was built in 1987.

AD1 Global owns numerous hotels in South Florida, including the Best Western Plus, Palm Beach Gardens; and the Wyndham Garden Hotel, Dania Beach. It is led by Daniel Berman, who founded the company in 2008.


Related Articles

arrow_forward_ios
Kasperi Kapanen and 2603 Embassy Drive (Credit: Jeff Zelevansky/Getty Images)

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home

Pittsburgh Penguins’ Kasperi Kapanen scores West Palm Beach home
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura
827 South SR 7, Fort Lauderdale & 1200 South Congress Ave, West Palm Beach (Credit: Google Maps)

Off Lease Only sells two South Florida locations for $50M

Off Lease Only sells two South Florida locations for $50M
Len Blavatnik, Vlad Doronin and a rendering of the project (Credit: Mike Coppola/FilmMagic via Getty Images)

Aman tower planned for Faena Versailles site in Miami Beach advances

Aman tower planned for Faena Versailles site in Miami Beach advances
The Bristol (iStock)

Insurance exec sells Bristol condo in West Palm for $8M

Insurance exec sells Bristol condo in West Palm for $8M
Susan Gale and Variety Miami Beach

Miami Beach hotel facing foreclosure hits market for $37M

Miami Beach hotel facing foreclosure hits market for $37M
Art Basel 2019 (Credit: Art Basel)

How Art Basel Miami Beach’s cancellation will impact real estate

How Art Basel Miami Beach’s cancellation will impact real estate
750 Malibu Bay Drive, West Palm Beach, Jeremy Bronfman, and Matthew Rieger of HTG

Seagram scion pays $38M for West Palm affordable housing

Seagram scion pays $38M for West Palm affordable housing
arrow_forward_ios

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

Loading...