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.
- ◦Sale/Acquisition