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5981 Okeechobee Boulevard

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

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

5981 Okeechobee Boulevard

$15,000,000

$359/SF

Building Size

41,703 SF

Asset Type

Hotel

Closing

Mar 12, 2025

AI

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.

Players

West Palm Beach 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

1.06%

Cash-on-Cash

-0.30%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93