WEST PALM BEACH, Fla. – Houston Baseball Partners LLC, a group led by Houston Astros owner Jim Crane purchased a vacant office building that will be converted into a 160-room hotel in downtown West Palm Beach. The sales price was $6.5 million.
The Astros just relocated into a new spring training facility in West Palm Beach. The hotel market there had an average room rate of $168 and a 72.5 percent occupancy rate in 2016, reports CBRE Hotels.
Christian Charre, Paul Weimer and Natalie Castillo of CBRE Hotels represented the seller of the building, CP Forum LLC.
“The marketing process for this property was quite interesting, as it presented the rare opportunity to own a new hotel in a prime location in South Florida at a significant discount to replacement cost,” said Charre, a senior vice president.
The Astros open their new Florida Spring Training stadium on Tuesday with a game against the Washington Nationals.
Feb. 27, 2017 Realty News Report Copyright 2017