Joseph Basile III Of JFB Construction & Development Acquires Hotel From Bjarne Borg For $13M

The asset involved in this transaction is a hotel located at 1505 Belvedere Road in West Palm Beach. The sale price for this property was $13,000,000. The hotel encompasses a total area of 53,544 square feet, resulting in a price per square foot of $242. The transaction included 135 keys, with a price per key of $96,296.

Summary of transation details:

• Property Type: Hotel
• Transaction Amount: $13,000,000
• Address: 1505 Belvedere Road
• Market: West Palm Beach
• Square Footage: 53,544
• Price per Square Foot: $242
• Keys: 135
• Price per Key: $96,296
• Buyer: Joseph Basile III - JFB Construction & Development
• Seller: Bjarne Borg - Index Invest
• Broker Representatives: Bastian Schauer & Mark M. Rubin - Colliers

Joseph Basile III represents JFB Construction & Development in the purchase of the property from Bjarne Borg of Index Invest. The deal was facilitated by brokers Bastian Schauer and Mark M. Rubin from Colliers. Index Invest has partnered with JFB Construction and Development on a Joint Venture for the Quality Inn and IHOP located in West Palm Beach.