Jeff Greene buys hotel in Boynton Beach for $19M

The property last sold in January 2018 for $19.6M

Miami /
Jun.June 11, 2020 09:45 AM
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.

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.


Related Articles

arrow_forward_ios
Elliott Mandelbaum with 7900 Venture Center Way in Boynton Beach and 600 Business Park Way in Royal Palm Beach (Linkedin, Google Maps)

Eagle Arc buys South Florida nursing facilities for $36M

Eagle Arc buys South Florida nursing facilities for $36M
Bill Morris of Southcoast, and a rendering of the project (Credit: RLC Architects)

Developers propose multifamily mixed-use project in Boynton Beach

Developers propose multifamily mixed-use project in Boynton Beach
Jeff Greene and a rendering of 550 North Quadrille Boulevard (Credit: Arquitectonica International via Facebook)

Billionaire Jeff Greene battles with WPB mayor over unfinished office building

Billionaire Jeff Greene battles with WPB mayor over unfinished office building
6405 West Boynton Beach Boulevard rendering, Pebb Enterprises President and CEO Ian Weiner

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan

Sprouts-anchored mixed-use project in Boynton Beach scores $27M loan
From left: 3716 Embassy Drive in West Palm Beach and 80 Nottingham Place in Boynton Beach

South Florida properties involved in $85M debt relief scheme head to auction

South Florida properties involved in $85M debt relief scheme head to auction
The health conscious grocer Earth Fare will close its stores

Earth Fare will close South Florida stores

Earth Fare will close South Florida stores
1210 Southwest 35th Avenue and Elion Partners Shlomo Khoudari

Elion Partners pays $26M for Boynton Beach warehouses

Elion Partners pays $26M for Boynton Beach warehouses
One West Palm rendering and Jeff Greene

Construction worker injured at Jeff Greene’s project in West Palm

Construction worker injured at Jeff Greene’s project in West Palm
arrow_forward_ios

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

Loading...