OFFERING OVERVIEW:
DSH Hotel Advisors has been retained as the exclusive broker to market for sale the Super 8 Lantana West Palm Beach, a Wyndham branded hotel, located in Lantana, Florida. The 125-room exterior corridor hotel is situated on approximately 3.84+/- acres, located directly off of Interstate-95 with high visibility and is approximately 11 miles from West Palm Beach and 60 miles from Miami. Hotel guest types include leisure and business travelers, construction workers, travelers on I-95, vacationers, etc. This offering presents a unique opportunity to acquire a strong-performing economy hotel within the desirable Palm Beach County.
PROPERTY CONDITION:
The subject property was built in 1987 and appears to be in good structural condition. Currently, 35 rooms are unavailable, with half awaiting inspections following a comprehensive renovation. Additionally, the ownership has secured renovation supplies for approximately 70 rooms. These supplies include bathtubs, vanities, vanity faucets, tub surround panels, and various lighting fixtures such as wall and ceiling lights, vanity mirrors, and luxury vinyl tile (LVT) flooring. It is estimated that the change of ownership PIP would be approximately $200,000+/-; however, that is only an estimate and would need to be verified by Wyndham Hotels via an issued change of ownership PIP. Current ownership has spent approximately $600,000+/- in recent renovations over the previous 36 months.
UPSIDE POTENTIAL:
The Super 8 Lantana West Palm Beach is located directly off I-95 with significant upside potential remaining for a new owner-operator through renovations and further improving property operations. Historical room revenues have recently ranged from $2.2MM-$2.7MM and based on historical STR Reports, the property has room for growth in both ADR and Occupancy when comparing to the current competitive set.
MARKET OVERVIEW:
Lantana, Florida, is strategically positioned in Palm Beach County, known for its beautiful coastal views and convenient access to major transportation routes. Palm Beach County represents a robust market for hotel investment, distinguished by its demographics, thriving economy, and status as a premier tourist destination. Additionally, Palm Beach County’s economic landscape is supported by a growing job market and the presence of major corporations, which further drives business travel to the area The hospitality market in Lantana benefits from the continuous influx of tourists and seasonal residents. Current trends in hotel occupancy and revenue per available room (RevPAR) in the region indicate a healthy demand for lodging, which is expected to continue growing. Its strategic location, strong economic indicators, and appeal as a tourist destination make it an ideal location for a hotel business. These factors combine to create a dynamic environment for hotel development and operations, with consistently high occupancy rates and strong RevPAR.
Property Highlights:
• Super 8 by Wyndham Lantana West Palm Beach
• 125-Rooms - Exterior Corridor
• Situated on 3.84+/- Acres
• Year Built - 1987 - Wood Frame
• High Barrier to Entry Market - Palm Beach County, FL
• Significant Upside Potential
• Amenities Include: Outdoor Pool & Sun Deck, Guest Laundry
• Located Directly off Interstate 95 (I-95)
Location Highlights:
• 1.5 Lantana Beach
• 4.7 Miles to Boynton Beach Oceanfront Park
• 4.7 Miles to Ocean Ridge Hammock Park
• 4.8 Miles to Palm Beach State College
• 7.5 Miles to Palm Beach Zoo
• 8.8 Miles to Delray Beach
• 10.4 Miles to Palm Beach International Airport (PBI)
• 10.9 Miles to Downtown West Palm Beach
• 15.1 Miles to Boca Raton
Financial Highlights:
• List Price of $9,000,000
• YE 2022 Room Revenue of $2,667,487
• YE 2023 Room Revenue of $2,238,783
• YE 2023 Net Operating Income of $711,100
• YE 2023 Room Revenue Multiplier of 4.02x
• YE 2023 ADR / Occup
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|
| Guest Room | 125 | $79.00 |
PROPERTY TAXES
| Parcel Number | 40-43-45-04-11-002-0030 | Improvements Assessment | $1,814,558 |
| Land Assessment | $1,587,500 | Total Assessment | $3,402,058 |
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