Related Ross Acquires The Ben Hotel for $109M

In a significant commercial real estate transaction, Related Ross, the firm led by billionaire Stephen Ross, has acquired The Ben Hotel in West Palm Beach for $108.5 million. The 208-key luxury hotel, located at 251 North Narcissus Avenue, was sold by an affiliate of Wheelock Capital, which had purchased the property in 2021 for $106.4 million.

The deal was financed with a $172.5 million loan from Tokyo-based Nomura, indicating a substantial investment in the property's future. This acquisition highlights Related Ross's continued interest in the South Florida market, particularly in the luxury hospitality sector.

The Ben Hotel's sale was the top commercial deal recorded in South Florida, surpassing other notable transactions in the region. In Hialeah, a Ford car dealership at 1200 West 49th Street traded for $21.5 million, demonstrating a diverse range of commercial activity in the area.

On the residential side, a Coral Gables home at 6960 Sunrise Drive changed hands for $8.8 million, marking the priciest home sale recorded in the region. The four-bedroom, two-and-a-half-bathroom property, spanning 2,700 square feet, was sold by Luis and Elena Bermudez to an LLC managed by Sebnem Sarraf. The home had last sold in 2023 for $7.1 million and was initially listed in December with an asking price of $11.9 million. Jorge Maduro with One Sotheby's International Realty handled the listing.

While these transactions showcase the vibrancy of South Florida's real estate market, they also underscore the significant investments being made in the region's luxury sectors. As the market continues to evolve, it will be interesting to see how these deals impact the local economy and shape the area's commercial and residential landscapes.

Sources:
- "South Florida’s top deals: Related Ross purchased The Ben Hotel for $109M"

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