Jeff Greene buys hotel in Boynton Beach for $19M

The property last sold in January 2018 for $19.6M

Jeff Greene and 1601 North Congress Avenue (Google Maps)
Jeff Greene and 1601 North Congress Avenue (Google Maps)

Billionaire West Palm Beach developer Jeff Greene bought a hotel in Boynton Beach for $19 million.

Greene and an affiliated company, Boynton Property Holdings LLC, bought the 73,063-square-foot Courtyard By Marriott Boynton Beach at 1601 North Congress Avenue for $260 per square foot, records show. Greene purchased the 171-room hotel from Boulder Hotel Boynton Beach LLC, led by Malcolm Berman of Delray Beach. The price equates to $111,000 per room.

The hotel last sold for $19.6 million in January 2018, records show. It was built in 1988 on 8.1 acres.

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Berman was previously chairman of Fairfax Savings in Baltimore, according to published reports. Berman’s Boulder Hotel Management paid $16.25 million for the Courtyard by Marriott hotel in Coral Springs in August 2017.

Greene is a former Democratic gubernatorial candidate and real estate investor who made a fortune during the subprime mortgage crisis. He is building a two-tower, 30-story mixed-use project in downtown West Palm Beach. He previously threatened to stop construction if he can’t get the property rezoned. Greene wants to change the project’s zoning from hotel, office space and multifamily to all multifamily.