COLUMBUS, OH—Rockbridge has acquired the Marriott in Palm Beach Gardens, FL. The acquisition is a joint venture between Rockbridge and Pinnacle Hotel Management, which will also manage the hotel.
The property will undergo an extensive renovation scheduled for the third quarter of 2018, touching nearly every aspect of the hotel. Planned updates include a new concept for the lobby and restaurant/bar area, fully renovating all guestrooms, refreshing all meeting spaces, and expanding the fitness area, among other updates. The renovation will be a collaborative effort by Pinnacle with hotel development company RBHD.
“Rockbridge is excited about the opportunity to re-energize this Marriott, and return it to its leadership position in the market,” said Chris Diffley, managing director, Investment Group at Rockbridge. “We are also pleased to be working with Pinnacle, a strong partner, on this project.”
The 279-room hotel is located just off PGA Blvd. in close proximity to many of the area’s top demand generators, including Roger Dean Stadium, home to the Miami Marlins AA baseball team and the Marlins and St. Louis Cardinals MLB teams during Spring Training.
“The Marriott Palm Beach Gardens is the 17th hotel Pinnacle currently manages in Florida,” said Steve Fairbanks, chief investment officer of Pinnacle. “We know the asset and market very well.”
The acquisition is the first one for Rockbridge in the Palm Beach Gardens market but the sixth deal overall with Pinnacle. The hotel will remain a full-service Marriott-branded property.