Regal Hospitality Acquires Courtyard By Marriott West Palm Beach Airport For $15.3M

The Courtyard by Marriott West Palm Beach Airport, located at 1800 Centrepark Drive East, has been sold in a recent transaction. The hotel sits on a 2.52-acre property in West Palm Beach, reflecting the growing tourism in the area. The sale price for the hotel was $15.3 million, with a price per key (PPK) of $148,544. The hotel spans an area of 62,628 square feet, resulting in a price per square foot (PPSF) of $244.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $15,300,000
• Address: 1800 Centrepark Drive East, West Palm Beach
• Market: West Palm Beach
• Acres: 2.52

The buyer of the Courtyard by Marriott West Palm Beach Airport is Regal Hospitality, represented by Jay Batra. On the other hand, KKR & Co., represented by Joseph Bae, acted as the seller. The lender involved in the transaction is iThink Financial Credit Union.

A noteworthy fact is that KKR's affiliate sold the hotel as part of a portfolio deal. The transaction reflects the strong tourism industry in West Palm Beach, further highlighting the attractiveness of the hotel market in the area. WSCDEL 101 LLC, managed by Regal Hospitality's CEO, successfully acquired the Courtyard by Marriott West Palm Beach Airport for $15.3 million.