Marriott family sells West Palm hotel for $50M

The Marriott family sold a West Palm Beach hotel for $50 million.

Property records show PBM Properties LLC, managed by Kevin Kimball, sold the 352-room West Palm Beach Marriott at 1001 Okeechobee Boulevard to LR West Palm Beach. The buyer is tied to Jackson Hole Trust Company, which manages real estate, businesses and other investments on behalf of families in the U.S. and internationally.

It sold for about $142,000 per key.

Kimball is senior managing director of J.W. Marriott, Jr. Family Enterprises, which includes investments in 19 hotels, stock and bond portfolios, and debt financing, according to his LinkedIn.

The family has owned the hotel since 2002, when it paid $20.2 million for the 8-acre property. It was built in 1981.

The 10-story Marriott has 341 rooms and 11 suites, and 12 meeting rooms with over 20,000 square feet of meeting space.

The hotel is just west of Rosemary Square in West Palm Beach, and a short drive from the island of Palm Beach. Related Companies has redeveloped portions of Rosemary Square, formerly called CityPlace. The company is also planning to spend more than half a billion dollars on projects in downtown West Palm, including a new mixed-use luxury residential tower, a second hotel next to the Hilton West Palm Beach, and 360 Rosemary, a new 300,000-square-foot office tower.

Nearby, Related is hoping to build a 25-story office tower at 134 Lakeview Avenue, in the recently created Okeechobee Business District.

Marriott International, the largest hotel company in the world, has entered the home-sharing market amid increased competition from short-term rental platforms such as Airbnb and operators like Sonder and Domio.