Cushman & Wakefield Arranges $39.6M Sale of Vacant Hotel in South Florida
PALM BEACH, FLA. — Cushman & Wakefield has arranged the $39.6 million sale of The Palm House Hotel, a 79-room hotel in Palm Beach. The hotel was originally built in 1961 and expanded in 1981. In 2006, the hotel underwent renovations that halted in 2014. The hotel is now vacant. The buyer, an affiliate of London + Regional Properties, acquired the site via a Section 363 bankruptcy sale. Robert Given, Errol Blumer, Robert Kaplan and Michael Mulkern of Cushman & Wakefield represented 160 Royal Palm LLC, a bankruptcy court-appointed receiver managed by former Delray Beach Mayor Cary Glickstein, in the transaction. The Palm House Hotel sits on 1.4 acres at 160 Palm Royal Way on Palm Beach Island one block from the Atlantic Ocean.