Holiday Inn near Palm Beach Airport sells for $20M

The property sold for $100K per room
By Keith Larsen | June 17, 2019 09:45AM

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.