RADISSON HOTEL WEST PALM BEACH SUCCESSFULLY AUCTIONED FOR $6.9 MILLION
West Palm Beach, Florida - Auction Services Group, Inc., is pleased to announce the sale of the 175 all-suite Radisson Suite Inn, Palm Beach Airport. The hotel was offered Without Reserve subject to a Minimum Bid of $3,875,000 which was $22,142 per suite. The final high bid price was $6,882,750 or $39,330 per suite. The auction lasted several minutes with spirited bidding from a number of bidders representing 18 different states. The high bidder for the hotel was West Palm Beach Lodging Realty, LLC, based on the East Coast.
The auction was held at The Palm Beach County Convention Center located at 650 Okeechobee Boulevard, West Palm Beach, Florida. The new ownership will retain the Radisson flag and will immediately commence with extensive renovations of the hotel. The six-story 175 all-suite hotel has a full-service restaurant and lounge along with meeting rooms, a business center, pool and fitness center. The Radisson Suite Inn is prominently located on I-95 between the recently expanded Palm Beach International Airport and the brand new $80 million Palm Beach County Convention Center and the $600 million mixed-use lifestyle center in downtown West Palm Beach. “This hotel is one of the closest and only all-suite hotels located within one mile from both the Airport and the Convention Center,” added Robert Roggeveen.