Palm Beach Hilton Plan

The Palm Beach Hilton was recently sold to Ceebraid-Signal Corp. According to reports the deal cost the company $42 million. This factors out to be about $313,000 per room in the 134-room complex. The plan is to turn the hotel into a condo-hotel which lets owners rent out their rooms on a nightly basis when not in use.

Current plans have the company operating the Ocean Club Beach Resort, the new name now that the franchise deal has ended, through the upcoming "season". In the spring work will begin on renovations for the 15 year old building and will decrease the rooms from 134 to 119. Prices have not yet been established for the units, but current plans have them ranging in size from 350 to 750 square feet.

Posted by Donald Urschalitz P.A. at November 4, 2005 08:18 AM