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1301 Belvedere Rd | West Palm Beach, FL 33405
Premium-Branded Hotel for Sale in Palm Beach, FL
Holiday Inn Palm Beach-Airport
ConfERENCE CENtEr
The Opportunity
As exclusive co-advisors, RobertDouglas and Berkadia Hotels & Hospitality are pleased to solicit offers to acquire the Holiday Inn Palm Beach Airport Conference Center (The “Property” or “Hotel”).
The Holiday Inn Palm Beach Airport Conference Center offers investors the exceptional opportunity to acquire a 199-key, premium-branded hotel strategically located five minute from Palm Beach Airport.
Investors are invited to participate in this 363 Bankruptcy bid process which will culminate in a Delaware Auction.
Investment Highlights
Property Overview
Location
The 199-room Holiday Inn Palm Beach Airport Conference Center is conveniently located just one mile from Palm Beach International Airport and in the immediate vicinity of Palm Beach’s many attractions, including the Flagler Museum and Worth Avenue. Included in the subject collateral, a 2.32-acre parcel sits adjacent to the subject site and is improved with a foundation base and parking stalls.
Built in 1987, the Property is currently undergoing a conversion to a Crowne Plaza, which is anticipated to be completed in the third quarter of 2023. The Hotel features a pool, 6,573 SF of meeting space, an outdoor pool, a fitness center, a business center, a sundry shop, a guest laundry room, and a restaurant serving American Cuisine. The Hotel’s prime location and spacious guestrooms make it a popular choice amongst travelers looking for a comfortable and convenient place while in Palm Beach.
GALLERY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Mabelle Perez
Director
Hotels & Hospitality
768.208.4795
Mabelle.perez@berkadia.com
KYLE STEVENSON
Managing Director
Hotels & Hospitality
Kyle.stevenson@berkadia.com
JOHN TESTERMAN
Senior Director
Hotels & Hospitality
540.255.2967
John.testerman@berkadia.com
HARRY MANCERA
Senior Financial Analyst
Hotels & Hospitality
404.452.1110
Harry.mancera@berkadia.com
LARISSA ISENBERG
Senior Real Estate Analyst
Hotels & Hospitality
602.997.3817
Larissa.isenberg@berkadia.com
CONTACT Info
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STAYBRIDGE
HYATT
HOME2
Element
CROWNE PLAZA
ALOFT
Alexander Bauman
Vice President
212.220.2723
abauman@robert-douglas.com
Douglas Hercher
Principal & Managing Director
212.993.7424
dhercher@robert-douglas.com
Matthew Dower
Managing Director
312.586.7040
mdower@robert-douglas.com
Max Chipouras
Senior Analyst
212.993.7427
mchipouras@robert-douglas.com
Lucia Liu
Senior Analyst
310.402.2034
lliu@robert-douglas.com
Key Critical Dates for Auction
Bid Submission Date
Before June 28, 2023
Auction Date
Before July 12, 2023
Sale Hearing
Before July 17, 2023
Closing
August 30, 2023
Award-Winning Brand with International Distribution
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Proximity to Transformative Mixed-Use Developments
The Hotel will benefit from its ability to capitalize on substantial tailwinds of increased demand stemming from the completion of transformative mixed-use developments, including the adjacent $1.5 billion, 2.9 million square-foot Bulfinch Crossing project and the $1.2 billion, 1.5 million square-foot transit- oriented. The Hub on Causeway development at TD Garden/North Station which completed its third phase of development in May 2022.
Bulfinch Crossing
$1.5B DEVELOPMENT COST
1.4M SF OFFICE & LAB SPACE
30K SF RETAIL SPACE
700+ RESIDENTIAL UNITS
The Hub on Causeway
$1.5B DEVELOPMENT COST
1.5M SF TOTAL DEVELOPMENT 650K SF OFFICE SPACE
200K SF RETAIL SPACE
175K SF CREATIVE LOFT SPACE
440-UNIT LUXURY RESIDENTIAL TOWER
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Irreplaceable Boston Urban Core Location with Unparalleled Access and Walkability
While the Hotel will act as the gateway to one of Boston’s most attractive neighborhoods rich with culture and historic landmarks that attract both tourists and corporate travelers alike, its irreplaceable location proximate to downtown Boston, the financial district, TD Garden, Faneuil Hall/Quincy Market, and Boston Harbor will provide a diverse and expansive base of demand for a swift ramp to stabilization.
Within a 1-Mile Radius:
66.8M SF Office Space
4.9M SF Retail Space
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Rare Opportunity to Develop in One of the Highest Barrier-to-Entry Markets in the Country
A prospective partner will be afforded the extraordinarily rare opportunity to partner with a sponsor that has already received full approvals and permitting to develop in one of the highest barrier-to-entry markets in the country - Boston, MA.
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Independent Boutique Hotel Programmed for Optimized Efficiency
The Development is currently planned as a five-story, 134-room, Italian-inspired boutique Hotel with a rooftop restaurant/bar, and two leased restaurants on the ground floor. This programming with an optimal room-count and leased food & beverage operations will allow the Hotel to function as a select-service asset which will deliver exceptional operating margins and increased investor returns.
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INVESTMENT HIGHLIGHTS
Exclusive Highly Visible Location in Palm Beach
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Dynamic Lodging Market with Sustained Long-Term Growth
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Multiple Value
Enhancement Opportunities
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Opportunity to Meaningfully Reduce Expenses
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Offered at a Substantial Discount to Replacement Cost
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199
1987
2015
Fee Simple
2.32
Key Count
Year Built
Last Renovated
Interest
Excess Site Area (Acres)
6,573
Fitness Center, Outdoor Pool, Sundry Shop, Business Center, Guest Laundry Room
11
Holiday Inn (IHG) – through 2023
Surface (450 spaces)
Non-union
Meeting Space (SF)
1301 Belvedere Rd, West Palm Beach, FL 33405
Address
Amenities
Stories
Available unencumbered
Manager
H Street Grille
Food & Beverage
Franchise
Parking
Labor
3.65
Lot Size (Acres)
199
1987
2015
Fee Simple
Key Count
Year Built
Last Renovated
Interest
1301 Belvedere Rd, West Palm Beach, FL 33405
Address
2.32
Excess Site Area (Acres)
6,573
Fitness Center, Outdoor Pool, Sundry Shop, Business Center, Guest Laundry Room
11
Holiday Inn (IHG) – through 2023
Surface (450 spaces)
Non-union
Meeting Space (SF)
Amenities
Stories
Available unencumbered
Manager
H Street Grille
Food & Beverage
Franchise
Parking
Labor