Ashford Hospitality Trust has sold the Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard to Joe Lubeck, CEO of American Landmark Apartments, and affiliates, for an undisclosed price. Other terms and conditions were not disclosed.
The 160-key property is located directly off I-95 and PGA Boulevard in Palm Beach County, Fla. The hotel—with its atrium entrance—includes 8,500 sq ft of meetings and function space. The purchase price was not revealed.
The property is a personal acquisition for Lubeck and several local partners and will be part of his family's diversified real estate holdings.
“I’m very pleased to have secured ownership of this property,” Lubeck said in a statement. “As we look at our personal portfolio and family office holdings, a high-performing hotel such as this particular Embassy Suites is an ideal fit, and it’s right in our backyard.”
The hotel offers a variety of amenities, including a heated pool, fitness center and complimentary breakfasts. A reopening of the hotel’s long-closed restaurant is planned for later in the year, delivering mediterranean-style offerings.