The land was bought from Seymour A. Fine, Trustee, of South Florida for $565,000, or approximately $242,489 per acre. Atlanta-based InTown Suites plans to build a 121-suite, three-story extended-stay hotel on the property, located at the northwest quadrant of the just-widened Military Trail and 45th Street.
The approval process to build the hotel has taken more than a year, which is not unusual, according to Mike Yacobellis, senior associate with the Palm Beach County office of CB Richard Ellis Inc. The company may build other hotels in the area. "I'm working with them on some other possible opportunities," Yacobellis says.
Yacobellis represented InTown Suites Inc. in the transaction. Max Tochner of Tochner Corp. in North Palm Beach, FL, represented Seymour A. Fine, Trustee.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
