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Florida & Gulf Coast  + South Florida  + Hospitality  | 
Electra America Hospitality Group has paid $84 million to purchase a newly built property that will become a hotel residence.

JV Secures $84M Property in West Palm Beach for Hotel Transformation

Electra America Hospitality Group, a joint venture between Electra America and AKA, has acquired a new property in downtown West Palm Beach that will be transformed into a hotel residence catering to the corporate and leisure travel community.

The JV purchased the newly built, six- story building on Olive Avenue for $84 million from developer Transwestern Development Company.

The property is walking distance of historic Clematis Street, the Brightline West Palm Beach train station, numerous restaurants and night clubs, Palm Beach Atlantic University, several premier Class A office towers including Esperante Corporate Center and the new One Flagler, and just one block from the Intracoastal Waterway.

AKA West Palm will open this summer with 217 units, 6,000 square feet of ground-floor retail, indoor/outdoor lounge and bar, pool and deck, fitness center, conference room and nooks, pet spa and water views.

EAHG purchased a 201-room property in Miami, now Hotel AKA Brickell, in 2021.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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