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Ritz-Carlton Palm Beach Trades for $92M

MANALAPAN, FL-Crescent Real Estate Equities Co. and Westbrook Real Estate Fund IV LP, which each owned 50% of the luxury, 270-key resort here, sold it to an undisclosed private investor.

By Melissa Bogdany | Updated on December 01, 2003

MANALAPAN, FL-The Ritz-Carlton Palm Beach resort in this city near West Palm Beach has been sold for $92.1 million. The seller of the luxury resort, located at 100 S. Ocean Blvd., was Manalapan Hotel Partners LLC, in which Crescent Real Estate Equities Co. of Fort Worth and Westbrook Real Estate Fund IV LP each hold a 50% interest.

Crescent, which had increased its ownership in the property in late 2002, had decided to dispose of the resort to focus more on its core business of office properties, according to a company statement. “The strategic plan that we’ve been articulating to the market has been to selectively increase the size of our core business of owning and managing high-quality office properties and, over time, to decrease our non-core holdings,” John C. Goff, vice chairman and CEO of Crescent, says in the statement. “We saw an opportunity to sell (the) Ritz-Carlton Palm Beach at what we believe is an attractive price and decided, collectively with Westbrook, to sell the resort. This transaction allows us to free up capital for office investment.”

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