Fort Partners has acquired a beachfront hotel in Palm Beach, Florida, from real estate investor Jeff Greene. The acquisition was strategically made adjacent to its already owned Four Seasons Resort. The Fort Lauderdale-based company paid at least 112.6 million US dollars for the Tideline Palm Beach Ocean Resort at 2842 South Ocean Boulevard, according to public records. However, the South Florida Business Journal estimates the total sale price at 150 million US dollars, including hotel furnishings and equipment.
Built in 1980, the Tideline property spans 99,412 square feet and houses 134 rooms, a pool, a spa, and two restaurants. Jeff Greene acquired the 3-acre hotel in 2011. Fort Partners took over the existing 55 million US dollar loan that secured the property. Madison Realty Capital increased this loan to 108 million US dollars as part of the sale.
Strategic Expansion in South Florida
Fort Partners, led by Nadim Ashi, owns all Four Seasons properties in South Florida, including the neighbouring 210-room hotel. A Four Seasons apartment project in the Coconut Grove district of Miami is still under construction, having secured 324 million US dollars in financing earlier this year. The latest purchase underscores Fort Partners' expansion strategy in Palm Beach County.
Earlier in 2024, the company acquired an apartment complex on the waterfront of West Palm Beach. Last week, it exchanged this property with Related Ross for the adjacent apartment building. The Tideline transaction follows two years after billionaire Larry Ellison bought the 310-room Eau Palm Beach Resort for 277 million US dollars. Representatives for Fort Partners did not immediately respond to a request for comment, and Jeff Greene was unavailable for comment.
Key Transaction Details
- —Seller: Jeff Greene
- —Buyer: Fort Partners
- —Property: Tideline Palm Beach Ocean Resort, 2842 South Ocean Boulevard
- —Purchase Price: At least 112.6 million US dollars (up to 150 million US dollars including fittings and fixtures)
