MHG Hotels has recently acquired the Courtyard by Marriott West Palm Beach for a whopping $20.5 million, and their confidence in this deal is well-founded. The hotel’s prime location near the Palm Beach International Airport makes it an ideal investment, especially with the addition of 2 million square feet of new office space coming to West Palm Beach. MHG plans to invest $4 million into renovating this Marriott-branded property, with updates planned for guest rooms, common areas and even the exterior.
The previous owner of this 103-room hotel was Regal Hospitality based in Ohio, who sold it at a price equivalent to almost $200,000 per room. This marks a significant increase from its last sale price of $15.3 million just last June. Built on a spacious 2.52-acre site in 2001, the hotel boasts amenities such as a pool, restaurant and fitness center.
This recent transaction highlights not only MHG’s strategic acquisition strategy but also reflects positive growth within West Palm Beach’s hospitality market.
