WEST PALM BEACH, FLORIDA RLJ Real Estate Fund III has acquired a pair of midscale properties in West Palm Beach.
Hotel Assets Group LLC negotiated the sales of the 100-key Hilton Garden Inn West Palm Beach Hotel and the 105-key Hampton Inn West Palm Beach Hotel, on behalf of Worthington Hospitality LLP and Australian Ave Hospitality LLP, respectively. Terms of the sales have not been released.
“This was a very targeted effort that involved premium select-service assets and a singular purchaser that we knew had the ability and inclination to get this difficult transaction completed,” says Tom Huegel, vice president of Hotel Assets Group. “A number of hurdles had to be crossed to get this completed, and it took great patience and perseverance from both buyer and seller to get it done.”