New England Development purchased the Bradley Park Hotel in Palm Beach for $15.4m. The 32-room asset changed hands for $481,500 per room. The acquisition is the first hotel in South Florida for New England Development which is planning to upgrade the landmark 1924 property. The firm developed and manages the Palm Beach Outlets in West Palm Beach and the adjacent Marketplace at the Outlets. The 29,000 sq ft property includes a Trevini restaurant and C’est Si Bon, a gourmet store and catering company on the ground floor. The Fite Group brokered the off-market deal.
