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