Index Investment Group Acquires Hotel Property In West Palm Beach For $12.5M

The property involved in the transaction is the 135-room Quality Inn Palm Beach International Airport hotel and an adjacent IHOP restaurant located at 1503-1505 Belvedere Road in West Palm Beach. The sale was facilitated by Colliers, with Index Investment Group acquiring the assets from Cherry Cove Hospitality for $12.5 million. The hotel and IHOP are situated approximately two miles from both Palm Beach International Airport and downtown West Palm Beach.

Summary of transation details:

• Property Type: Hotel
• Transaction Amount: $12,500,000.00
• Address: 1503 Belvedere Rd, West Palm Beach
• Market: West Palm Beach
• Seller's Rep: Richard Lillis (Colliers International)
• Buyer: Index Investment Group
• Seller: Cherry Cove Hospitality

Mark Rubin and Bastian Laggerbauer from Colliers’ South Florida Investment Services team represented Index Investment Group, the buyer. On the seller’s side, Richard Lillis of Colliers’ Hotels USA division acted as the representative for Cherry Cove Hospitality in this off-market transaction. Index Investment Group will take over the hotel's operations immediately, maintaining it under the Quality Inn brand.