WEST PALM BEACH, Florida, October 04, 2021– (BUSINESS WIRE) – Wheelock Street Capital has announced the acquisition of the Ben – West Palm Beach, a 208-room Marriott luxury hotel located at 251 N Narcissus Avenue in West Palm Beach, Florida.
Purpose-built in 2020 as the first Marriott Autograph Collection hotel in Palm Beach County, the 208-room property is the centerpiece of Flagler Banyan Square, a 435,000-foot mixed-use lifestyle project. squares. Conveniently located just steps from downtown West Palm Beach, the development includes residential amenities, dining, retail, and other amenities, while The Ben offers a full-service, 7,800-square-foot restaurant. event space, a rooftop ballroom, a rooftop pool, and a full deck with stunning views of the City Marina, Intracoastal Waterway, and Palm Beach Island.
Gaining media attention as “Wall Street South”, West Palm Beach is in the midst of a development and investment renaissance with a robust housing market and strong new office activity in the Northeast market. is and elsewhere. A number of high-quality new tenants, including Goldman Sachs, Point72 Asset Management, Benefit Street Partners, Susquehanna, Comvest Partners, Norwest Equity Partners, Lewis Longman Walker and Sanders Capital, have made announcements regarding establishing a presence. significant in the market. Continued growth in demand for office space in West Palm Beach supports a bullish outlook in the market, also demonstrated by Wheelock’s recent 153,000 square foot office development investment located at 301 Clematis Street and 300 Banyan Boulevard next door. by The Ben.
Concord Hospitality, one of the leading hotel developers and managers in the United States, was instrumental in the design, development and launch of the property concept. Concord, which operates a portfolio of more than 130 hotels, including 23 hotels in Florida, will continue to retain management responsibilities under the ownership of Wheelock.
The acquisition marks Wheelock’s first hotel purchase and second capital investment in the West Palm Beach market. The institutional quality of the property, its A + location along the coveted Intracoastal and its irreplaceable nature on the waterfront of water in a growing South Florida market make this investment another ideal partner with our current acquisition criteria. Located at the crossroads of the work-live-play epicenter of West Palm Beach, the The establishment is expected to benefit from continued recreation and the rapid acceleration in demand from corporate groups, ”said Tim Hodes, director and manager of hotel acquisitions for Capital of Wheelock Street.“ We look forward to our first investment. in the hospitality industry involving Concord management and working to solidify the property’s position as West Palm Beach’s preeminent luxury hotel offering. “
CBRE Group, Inc. (“CBRE”) arranged for the sale of The Ben – West Palm Beach, Autograph Collection Hotel.
About Wheelock Street Capital
Wheelock Street Capital (https://wheelockst.com/) was formed in 2008 by Rick Kleeman and Jonathan Paul, two seasoned real estate private equity investors, each with 30 years of experience in real estate transactions across all major classes of assets. Wheelock has raised over $ 4 billion in capital commitments from well-known institutional investors and focuses on real estate investment opportunities across the United States, in the public and private markets. Wheelock is currently deploying its sixth fund in its value-added series, Wheelock Street Real Estate Fund VI and its first perpetual life insurance fund, Wheelock Street Long Term Value Fund. The Long Term Value Fund targets high quality, cash flow generating assets with stable but attractive risk-adjusted returns over an investment horizon of 5 to 15 years. The company may invest directly or with high quality joint venture partners through a variety of capital structures and types of transactions, including acquisitions, restructurings and recapitalizations. Wheelock’s investment team has extensive experience with leading institutional investment firms and reputable real estate operating companies and has produced a 10-year history of demonstrated and consistent outperformance against benchmarks in the sector.
About Concord Hospitality Enterprises Company
As an award-winning hotel development and management company, Concord Hospitality Enterprises Company has spent the past three decades building relationships with investors, partners and third-party hotel owners over $ 2.5 billion at premium branded properties in the United States and Canada. . As an operator, Concord Hospitality infuses value from the ground up, developing and managing with a sustainable vision, with a focus on quality and hands-on involvement to ensure profitability and long-term success. . Concord Hospitality believes its people are its greatest strength. With the brightest talent, the most innovative processes, and a commitment to giving back to the communities where associates live and work, Concord Hospitality is committed to being a great place to work for everyone. To learn more about Concord Hospitality Enterprises Company, visit https://www.concordhotels.com/.
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Tim Hodes, 203-413-7719