Palm Beach County Purchases La Quinta Hotel From Shmuel Bonnardel For $15 Million

The La Quinta Hotel, located at 5981 Okeechobee Boulevard in West Palm Beach, features an asset type of hotel with 114 keys. The property is situated on 3 acres and has a total square footage of 41,703. The acquisition price for the hotel is $15,000,000, translating to a price per key of $131,579 and a price per square foot of $360.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $15,000,000
• Buyer: Palm Beach County
• Seller: Shmuel Bonnardel - Rore Asset 5981 LLC
• Market: West Palm Beach
• Closing Fees and Renovations Estimate: $16,800,000
• County Commission Vote Date: March 18

Shmuel Bonnardel represents Rore Asset 5981 LLC in this transaction. Palm Beach County intends to convert the acquired hotel into senior housing for at-risk individuals as part of its project scope.