Brasswater Buys Two Palm Beach County Hampton Inns for Over $48M

A Canadian investor, Brasswater, has acquired two Hampton Inn hotels in Palm Beach County, Florida, for more than $48 million, according to property records. The sellers were Fairfax, Virginia-based Hospitality Investors Trust, which bought the pair for a combined $43.6 million in 2015.

The largest deal is the 164-room Hampton Inn & Suites in Boynton Beach, which sold for at least $29 million. The 102,476-square-foot property, built in 1997 on a three-acre site, sits about a mile west of Interstate 95. The second purchase is the 110-room Hampton Inn in West Palm Beach near the Florida Turnpike, which went for more than $19 million. That site, built in 2001 on 2.4 acres, is adjacent to Okeechobee Boulevard.

New York-based Axonic Capital provided a debt package totaling $42.2 million across both hotels. The reported prices reflect real estate only, so the true deal value may be higher once furnishings and business operations are included.

The sales follow a broader pullback by the seller in South Florida, which has already sold a Palm Beach Gardens Hampton Inn for $14.3 million and a Deerfield Beach property for $9.8 million.

For investors, the deals show continued capital flowing into select-service hotels in South Florida, and that lenders are still financing acquisitions of older limited-service assets.