West Palm Beach-based Talon Point Capital announced the sale of the oceanfront SeaSpray Inn Beach Resort, a boutique hotel on Singer Island in Palm Beach Shores for $8.1 million.
The buyer is a private investment group with a diverse portfolio of real estate holdings in the multifamily and hospitality sector.
The buyer paid about $150,000 per room for the SeaSpray Inn.
Talon Point Capital has represented the buyer for many years and procured the seller, an out-of-state hotel group, Seven Seas Resorts, with the help of John Hodgdon, a seasoned broker. The buyer plans a multi-million-dollar project renovation to include an innovative restaurant design upgrade and additional penthouse units.
“It was a quick closing, which indicated the strength of the buyer,” Albert Boyd, Broker of Talon Point Capital, said in a press release.
Boyd went on to state that, “The Palm Beach Shores/Singer Island market has evolved over the past few years and has become exciting for many investors due to its proximity to the beach, its island vibe and reputation for local and foreign visitors.”
The hotel is located at 123 S Ocean Avenue in Palm Beach Shores directly at the beach.
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