American Landmark Buys Embassy Suites for $40M

American Landmark Apartments, led by CEO Joe Lubeck, and local partners acquired the Embassy Suites by Hilton Palm Beach Gardens at 4350 PGA Boulevard in Palm Beach Gardens for $40 million. The deal includes a 160-key hotel and 4 adjacent acres.

The purchase price breaks out as $34 million for the hotel and $6 million for the adjacent acreage. The hotel sale implies $212,500 per key, while the land sale implies $1.5 million per acre. The seller was Ashford Hospitality Trust, which completed the 10-story building on a 3.2-acre site in 1990.

The buyer plans to reopen the hotel’s long-shuttered restaurant later this year with a Mediterranean-style concept and to upgrade common spaces to support food-and-beverage revenues.