The property, located at 2842 S. Ocean Blvd., was built in 1980 and has 134 rooms. The new owners are also terminating the Hilton franchise agreement and renovating the building into 119 condo-hotel units ranging from 350 sf to 750 sf. Ceebraid-Signal will oversee both the renovation process and operations. It's too early "to determine the condo prices per sf or the cost of the renovation," says a spokesperson for Adam Schlesinger, president of Ceebraid-Signal.
This represents the partners' fourth JV, and John Fraser, co-head of Investcorp, indicates it won't be the last. The partnership "has positioned us to continue to expand our investments in and around Palm Beach, a market that we believe offers continued substantial growth," Fraser says in a statement. Calls to Fraser were not returned by deadline.
This July the partnership acquired the Gulfstream, a historic hotel in Lake Worth, FL, for $13 million, and is currently renovating the asset. Other work the firm has shouldered includes a conversion of a building at 57th St. and Sixth Ave. in Manhattan to residential condos and the acquisition of the Park at Boynton Landings in Boynton Beach.
In March, in another partnership, this time with RFR Holdings and MCH Golf, Investcorp joined in the acquisition of Emerald Dunes Golf Course here, which the new owners are turning into a members-only club.
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