Ashok Taneja Of Palm Holdings Acquires Hotel From Sagar Desai Of Activate Hospitality For $23.75M

The hotel asset involved in the transaction is the Delta Hotels by Marriott located at 1301 Belvedere Road in the West Palm Beach market. The hotel encompasses a total of 130,381 square feet and offers 200 keys. The sale price for the property was $23,750,000, which translates to a price per key of $118,750 and a price per square foot of $182. The asset is situated on a 2.32-acre lot.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $23,750,000
• Buyer: Ashok Taneja - Palm Holdings
• Seller: Sagar Desai - Activate Hospitality
• Brokers: Suraj Dalal & Ahmed Kabani - Kabani Hotel Group - Marcus & Millichap
• Keys: 200
• Square Feet: 130,381
• Price Per Key: $118,750
• Price Per Square Foot: $182
• Acreage: 2.32

This transaction highlights the involvement of key individuals, including Ashok Taneja representing Palm Holdings as the buyer and Sagar Desai representing Activate Hospitality as the seller. The deal was facilitated by brokers Suraj Dalal and Ahmed Kabani from the Kabani Hotel Group, operating under Marcus & Millichap. Notably, Activate Hospitality retained the adjacent 2.32-acre lot with hotel entitlements during the transaction.