The Palm Beach Gardens Marriott has been sold in a $29 million deal to Rockbridge Capital. Built in 1990 and remodeled in 2006, the 273 room property traded for just over $106,225 per key. Located at 4000 RCA Boulevard, the hotel features 20,000 square feet of event space, a gym, a pool and a restaurant. The vendors were U.S. arm of Bahraini private equity firm Investcorp and its minority partner the Procaccianti Companies. Procaccianti, based in Cranston, Rhode Island, sold the majority interest of the hotel to Investcorp in 2007 as part of a nine-property portfolio. The asset last sold for $62.8 million in 2007.
