Joe Lubeck Of American Landmark Apartments Purchases Hotel In Palm Beach Gardens For $40M
4350 Pga Boulevard
$40,000,000
$160/SF
Building Size
249,127 SF
Asset Type
Hotel
Closing
Apr 9, 2026
About this deal
AI
The asset involved in the transaction is a hotel property located at 4350 Pga Boulevard in Palm Beach Gardens. The sale price for this 160-room hotel was $40,000,000. The property spans 3.2 acres with a total square footage of 249,127. It features 8,500 square feet of meeting space, a pool, and a fitness center.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $40,000,000
- Buyer: Joe Lubeck - American Landmark Apartments
- Seller: Stephen Zsigray - Ashford Hospitality Trust
- Keys: 160
- PPK: $250,000
- PPSF: $161
Joe Lubeck, alongside unnamed partners, made this acquisition, marking his first purchase of the Embassy Suites by Hilton Palm Beach Gardens. This transaction enhances American Landmark's presence in the Sun Belt hospitality market.
On the Map
$40,000,000
$160/SF
Hotel
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Palm Beach Gardens Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93