Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RIVIERA BEACH, FL-InTown Suites Inc. has purchased 2.33 acres of vacant land here on which it plans to build one of its hotels, and the company may look to build more in South Florida in the future.

The land was bought from Seymour A. Fine, Trustee, of South Florida for $565,000, or approximately $242,489 per acre. Atlanta-based InTown Suites plans to build a 121-suite, three-story extended-stay hotel on the property, located at the northwest quadrant of the just-widened Military Trail and 45th Street.

The approval process to build the hotel has taken more than a year, which is not unusual, according to Mike Yacobellis, senior associate with the Palm Beach County office of CB Richard Ellis Inc. The company may build other hotels in the area. “I’m working with them on some other possible opportunities,” Yacobellis says.

Yacobellis represented InTown Suites Inc. in the transaction. Max Tochner of Tochner Corp. in North Palm Beach, FL, represented Seymour A. Fine, Trustee.

The InTown Suites brand, because of its oversized rooms and kitchen areas, targets businesspeople and others needing to stay for long periods of time, Yacobellis tells GlobeSt.com. He notes that there is a major veterans hospital nearby the planned Riviera Beach property, so relatives of patients may choose to stay at the hotel, Yacobellis adds. “Generally, the people book for a week at a time.”

Weekly rates start at less than $300, he adds. “[And] if guests go back home for the weekend, they don’t have to give up their room.”

InTown Suites has another hotel in the South Florida area, at 8191 W. Commercial Blvd., west of University Drive, in Tamarac. That hotel, in its third year of operation, “has been very successful,” Yacobellis says. Nationwide, the company has more than 110 hotels.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.