W
heelock Street Capital has put its 208-key West Palm Beach hotel on the market with a starting bid price of $1 million per room. The property, located at 251 North Narcissus Avenue, was acquired by Wheelock in 2021 for $106.4 million or $511,000 per key. Now, the company is seeking nearly double that amount.
The Ben West Palm Beach hotel, operated by Marriott's Autograph Collection, features two restaurants and sits on a half-acre within Flagler Banyan Square, a 10-acre mixed-use project developed by Concord Hospitality. The property was completed in 2020 and has been listed for sale with CBRE.
South Florida is experiencing a surge of high-end hotel trades this year, particularly in Palm Beach County. In August, billionaire Larry Ellison purchased Eau Palm Beach Resort & Spa for $277.3 million or $894,811 per room. Henderson Park is also under contract to buy PGA National Resort in Palm Beach Gardens for $425 million, which works out to $1.2 million per key.
Other UK-based investors are entering the South Florida hospitality market. British billionaires Simon and David Reuben are negotiating a deal to purchase a majority stake in the W South Beach hotel in Miami Beach for over $400 million.
