Real Estate

Ronny Finvarb Sells 128-Key Courtyard Hotel in Jupiter for $20.9M

Ronny Finvarb sells 128-key Courtyard hotel in Jupiter for $20.9M to JW Marriott Family Enterprises.

By Tal Alexander

7/10, 17:33 EDT
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Key Takeaway

  • Ronny Finvarb sold the 128-key Courtyard Palm Beach Jupiter hotel for $20.9 million, equating to $162,891 per room.
  • The buyer is JW Marriott Family Enterprises, led by CEO Robert Kalchik and VP Stephanie Loughlin.
  • South Florida's hotel market remains active with recent sales and new development plans despite a slowdown in deals.

Major Hospitality Deal in South Florida

In a significant transaction within South Florida's hospitality sector, developer Ronny Finvarb has sold the Courtyard Palm Beach Jupiter hotel for $20.9 million. The buyer, an entity tied to JW Marriott Family Enterprises, underscores the ongoing interest in the region's hotel market. The four-story, 128-key hotel, located at 4800 Main Street, was acquired by a purchasing entity led by Robert Kalchik, CEO of JW Marriott Family Enterprises, and Stephanie Loughlin, vice president at the company. This deal, breaking down to $162,891 per room, highlights the continued flow of hospitality deals in the area, despite a recent slowdown in investment sales.

Details of the Transaction

The Courtyard Palm Beach Jupiter hotel, completed by Finvarb Group in 2014, sits on a 1.5-acre lot. Finvarb Group initially purchased the development site in 2008 for $3.9 million, financing it with a $2 million loan. The hotel features 2,500 square feet of meeting space, catering to both business and leisure travelers. The sale to JW Marriott Family Enterprises marks a notable shift in ownership, with the new proprietors likely to leverage their extensive experience in the hospitality industry to enhance the property's value and operations.

South Florida's Hospitality Market Dynamics

South Florida's hotel market has seen a resurgence in investment sales, particularly in late 2022 and early 2023. However, the pace of deals has recently decelerated. Notable transactions include Miami Vacation Rentals and Florian Hagenbuch's purchase of 19 condo-hotel units and commercial space at the Hotel Arya in Coconut Grove for $16.2 million. Despite the slowdown, developers remain optimistic about the region's hospitality market. For instance, Keyah Real Estate Group plans to build a seven-story, 238-key hotel in South Beach, having acquired the site for $20 million last month.

Broader Implications for the Hospitality Sector

The sale of the Courtyard Palm Beach Jupiter hotel to JW Marriott Family Enterprises is indicative of broader trends in the hospitality sector, particularly in high-demand regions like South Florida. The transaction reflects confidence in the market's long-term potential, driven by the area's appeal to both tourists and business travelers. This deal also underscores the strategic importance of well-located properties and the ongoing interest from major hospitality players in expanding their portfolios in key markets.