Transactions heat up in Southeast

Transactions heat up in SoutheastHotel Business | Hotel Business

Recent transactions include an Autograph Collection hotel being acquired by Wheelock Street Capital and Beemok Capital purchasing the Charleston Place Hotel.

Wheelock Street Capital acquires The Ben—West Palm Beach
Wheelock Street Capital has acquired The Ben—West Palm Beach, a 208-room Autograph Collection Hotel located in West Palm Beach, FL.

Built in 2020 as the soft brand’s first hotel in Palm Beach County, the 208-room property serves as the centerpiece of Flagler Banyan Square, a 435,000-sq.-ft. mixed-use lifestyle project. Located close to downtown West Palm Beach, the development features residential, dining, retail and other amenities, while The Ben offers a full-service restaurant, 7800 sq. ft. of event space, a rooftop ballroom, a rooftop pool and an amenity deck with views of the City Marina, the Intracoastal Waterway and Palm Beach Island.

Concord Hospitality was instrumental in the property’s concept design, development and launch. The company, which operates a portfolio of more than 130 hotels, including 23 hotels in Florida, will continue to retain management responsibilities under Wheelock’s ownership.

CBRE Group Inc. arranged the sale of the property.

Beemok Capital completes acquisition of Charleston Place
Beemok Capital, the family office of Charleston businessman and philanthropist Benjamin Navarro, has completed its acquisition of the Charleston Place Hotel. Financial terms of the transaction were not disclosed.

The acquisition of Charleston Place is consistent with Beemok Capital’s strategy to support further revitalization of Charleston, according to the company. The hotel is the flagship asset of Beemok Hospitality Group, a vertical of Beemok Capital that invests in premier hotel, restaurant and entertainment assets. Beemok will make a significant investment in revitalizing the iconic property and plans to begin property improvements within the next 18 months.

Beemok Hospitality Group’s other current assets include an investment in Hotel Domestique, a luxury hotel along the base of the Blue Ridge Mountains in Travelers Rest, SC, and control of the Credit One Bank Stadium and LTP Tennis Center in Charleston.

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