Ronny Finvarb sells 128-key Courtyard hotel in Jupiter for $21M

Developer Ronny Finvarb sold the Courtyard Palm Beach Jupiter hotel for $20.9 million, marking a continuing flow of hospitality deals in South Florida. 

An entity tied to JW Marriott Family Enterprises bought the four-story, 128-key hotel at 4800 Main Street from Miami-based Finvarb Group, according to records and real estate database Vizzda. The purchasing entity is led by Robert Kalchik, CEO of JW Marriott Family Enterprises, and Stephanie Loughlin, who is vice president at the company. 

The deal breaks down to $162,891 per room. 

Finvarb Group completed the hotel in 2014 on a 1.5-acre lot, records show. The company had paid $3.9 million for the development site in 2008, taking out a $2 million loan for the purchase, according to records. The Courtyard Palm Beach Jupiter includes 2,500 square feet of meeting space, Finvarb Group’s website shows. 

More recently, Finvarb has focused on Miami Beach, proposing in 2022 a five-story building with 12 residential units at 1790 Alton Road in the Sunset Harbour neighborhood. In 2022, Finvarb and Joseph Chetrit bought the Macy’s store building at 1675 Meridian Avenue, off Lincoln Road, for $15.5 million. In 2021, Finvarb and his family members sold the 108-unit waterfront complex at 1006 and 1022 Bay Drive in Miami Beach’s Normandy Isle for $24.5 million. 

South Florida’s hotel market experienced an uptick in investment sales late last year and early this year, though deals have since slowed. In one of the few recent sales, short-term rental firm Miami Vacation Rentals and partner Florian Hagenbuch bought 19 condo-hotel units, a commercial space and 66 percent of the common areas at the Hotel Arya at 2889 McFarlane Road in Miami’s Coconut Grove for $16.2 million last month. 

Developers still are betting on the tri-county region’s hospitality market, with plans for new hotels. In South Beach, Keyah Real Estate Group wants to build a seven story, 238-key hotel at 1509 and 1515 Washington Avenue. The firm bought the site last month for $20 million.