Bradley Park Hotel in Palm Beach sells for $ 15.4 MApril 30, 2018
New England Development paid $15.4 million for the Bradley Park Hotel in Palm Beach, property records show.
The New Bradley, 32-key hotel at 280 Sunset Avenue .
The Boston-based buyer plans to renovate and upgrade the landmark property, which was built in 1924. It sold for about $480,500 per key.
The acquisition is the first hotel in South Florida for New England Development, said Khaled Hashem, managing director of hospitality. The firm developed and manages the Palm Beach Outlets in West Palm Beach and the adjacent Marketplace at the Outlets. In Boston, it is part owner of the Taj Boston Hotel and developed the Westin Boston Waterfront Hotel.
The nearly 29,000-square-foot Palm Beach hotel includes Trevini restaurant and C’est Si Bon, a gourmet store and catering company on the ground floor.
In December, the Clark family sold its majority interest in the nearby historic Colony Hotel to the son of former minority owner Bob Wetenhall Sr. for $12 million.
Source The Real Deal South Florida