Palm House Hotel sells for $39.6m in bankruptcy sale

by   CIJ USA
2019-05-24   17:34
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London and Regional Properties bought the Palm House Hotel in a bankruptcy sale for $39.6m. Located on a 1.38 acre site, the 82,648 sq ft, 79-unit property is located in Palm Beach, Florida. It was originally built in 1961 and expanded in 1981. The hotel is currently vacant and represents London and Regional Properties' first purchase in the US. Cushman & Wakefield represented 160 Royal Palm, LLC, a court appointed receiver managed by former Delray Beach Mayor Cary Glickstein, in the disposition. “The Palm House Hotel represented an intriguing investment opportunity in one of world's premier travel destinations,” said Robert Given of C&W. “The auction process attracted a global audience of qualified bidders and helped achieve exceptional value for the seller.”