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.
The InTown Suites brand, because of its oversized rooms and kitchen areas, targets businesspeople and others needing to stay for long periods of time, Yacobellis tells GlobeSt.com. He notes that there is a major veterans hospital nearby the planned Riviera Beach property, so relatives of patients may choose to stay at the hotel, Yacobellis adds. "Generally, the people book for a week at a time."
Weekly rates start at less than $300, he adds. "[And] if guests go back home for the weekend, they don't have to give up their room."
InTown Suites has another hotel in the South Florida area, at 8191 W. Commercial Blvd., west of University Drive, in Tamarac. That hotel, in its third year of operation, "has been very successful," Yacobellis says. Nationwide, the company has more than 110 hotels.
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