MHG Hotels has acquired the Courtyard by Marriott West Palm Beach for $20.5 million. And they have good reason to be bullish about the deal. 2 million square feet of new office is coming to the market in West Palm Beach near the Palm Beach International Airport, where the hotel is situated. MHG plans to start $4 million in renovations to the Marriott-branded hotel, including updating guest rooms, modernizing commons spaces and an exterior revamp.

Ohio-based Regal Hospitality sold the 103-room hotel at 1800 Centrepark Drive E. The price equated to nearly $200,000 per room.

The hotel last traded for $15.3 million in June. The 62,628-square-foot hotel was built on the 2.52-acre site in 2001. The property includes a pool, restaurant and fitness center.