Related Ross Reaches Agreement on Second Palm Beach Convention Center Hotel

The Palm Beach County Commission and Related Ross have agreed on a deal that will allow a second hotel at the Palm Beach Convention Center.

Under the sale-leaseback deal, the developer will sell a parking lot near the convention center to the county, which would then lease it back to the developer as it builds the project. While Related Ross would no longer have to pay property taxes on that land, it is not requesting financial incentives from the county or city for the hotel project, which is expected to cost more than $300 million. The hotel would include several restaurants, including one on the rooftop, along with meeting and function space.

The 400-room Hilton Curio would be located on the 1.8-acre site at 900 South Rosemary Ave. The first hotel also has 400 rooms.

Under the 99-year lease, the county would be guaranteed $1 billion in rent, plus potential revenue sharing.