The Stay Inn West Palm Beach Airport Hotel has been sold to The Cherry Cove Group in a $7.4 million transaction. Trading for just under $54,815 per room key, the 135-room hotel was constructed in 1986 and operated as a Hampton Inn before converting to Stay Inn in 2011. Situated on a 3.21 acre site, the property is located at 1505 Belvedere Road. The deal also includes a triple-net leased restaurant which operates as an International House of Pancakes providing recurring income to the buyer. Colliers International brokers Rich Lillis and Kent Schwarz represented the seller, a partnership of real estate investors Marx Realty and Benenson Capital.
“The sale of the Stay Inn West Palm Beach highlights the strength and desirability of the West Palm Beach area lodging market,” said Rich Lillis, Executive Vice President, Colliers International South Florida. “As market fundamentals in West Palm Beach continue to point upward, we’re seeing investors exercising strong purchase prices as a means to entry in the market. In this case, the location and opportunity for upside through branding drove the selling price.”
