The Hilton Doubletree, a three-building complex with 279 guest rooms, is closing its Palm Beach Gardens location due to foreclosure.
The hotel sold for $31.42 million, to settle a lawsuit filed by U.S. Bank, acting on behalf of Banc of America Commercial Mortgage.
The 17,055 s.f. conference center and pool will also shut down. While the hotel enjoyed an increasing occupancy rate of 79.5 percent along with fairly high ratings of 3.7. stars on Google and four stars on TripAdvisor to show a generally positive view by customers, the income generated was not enough to cover its debt payments.
· Palm Beach Gardens hotel lost to foreclosure [The Real Deal]
· Lender seizes Doubletree Hotel in Palm Beach Gardens from Thayer Lodging [SFBJ]