Talon Point Capital, a full-service real estate advisory firm, recently brokered the sale of the oceanfront SeaSpray Inn Beach Resort, a boutique hotel on Singer Island in Palm Beach Shores, for $8.1 million. The sale was announced by Talon Point Capital broker Albert Boyd, a longtime Wellington resident.
The buyer is a private investment group with a diverse portfolio of real estate holdings in the multifamily and hospitality sector. The buyer paid about $150,000 per room for the SeaSpray Inn.
Talon Point Capital has represented the buyer for many years and procured the seller, an out-of-state hotel group, Seven Seas Resorts, with the help of John Hodgdon, a seasoned broker. The buyer plans a multi-million-dollar renovation project to include an innovative restaurant design upgrade and additional penthouse units.
Talon Point Capital had been trying to mediate a settlement with the previous owner since 2015 without success. However, when the hotel owner eventually went into bankruptcy and a new owner-operator took over, the new owner agreed to sell if there was a quick closing.
“It was a quick closing, which indicated the strength of the buyer,” Boyd said, adding that the transaction reflected the strength of the market. “The Palm Beach Shores/Singer Island market has evolved over the past few years and has become exciting for many investors due to its proximity to the beach, its island vibe, and reputation for local and foreign visitors.”
The hotel is located at 123 S. Ocean Ave., directly at the beach.
Talon Point Capital provides off-market niche opportunities to a clientele of discriminating investors in the hospitality, multifamily, residential development and retail sectors. In addition, investors appreciate the firm’s specialty services, such as CPA tax planning for real estate investors and developers, in-house experience in investment and development, as well as a bi-lingual team with direct connections in South America, Europe and nationally. For more information, contact Talon Point Capital via e-mail at email@example.com.