InTown Suites Buys Land for Hotel

RIVIERA BEACH, FL-InTown Suites Inc. has purchased 2.33 acres of vacant land here on which it plans to build one of its hotels, and the company may look to build more in South Florida in the future.

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.