Such A Deal!

A call today to the phone number included on the signs at the Gulfstream Hotel confirmed the fact that it is indeed up for sale, in fact the owner has lowered the price from $30,000,000 to $17,750,000 in order to, encourage a quick clean sale on this hotel”.

Here are some of the highlights from the information package for the Gulfstream, some of it appears to be out of date.

The Offering: Existing hotel ready for redevelopment. This hotel is listed on the National Register of Historic Places and is currently closed. Adjacent land for new development.

Existing Building: 65,360 Square Feet as per Current Tax Roll. A Six-story interior corridor building built in 1924 with 106 Guest rooms (15 of these are suites). 4000+ square feet of flexible meeting space and 100 Seat Restaurant 96 designated outdoor parking spaces in parcel adjacent to Hotel.

Land: Hotel Parcel is .71+/- Acre (30,928 square feet). Adjacent Parcel is 1.24+/- Acres

Location: This grand hotel is located on the lake between the city and the sea! The hotel sits on the west side of the Intracoastal Waterway and fronts on Bryant Park. The views of Lake Worth and the Island of Palm Beach to the east are terrific. Downtown Lake Worth is home to the Palm Beach Institute of Contemporary Art, The Lake Worth Playhouse and the Museum of the City of Lake Worth. The Demetrius Klein Dance Company also resides in Lake Worth. Lake Worth is full of retail and restaurant options and plenty of outdoor activities too. The Kravis Center for the Performing Arts is 15 minutes north in West Palm Beach. This hotel is extremely well located- close to beaches, golf, cultural destinations, shopping, eating and more. And the Palm Beach International Airport is just 6 miles away. Easy access to all points north, south, east and west.

Re-development: The hotel is currently closed with plans for redevelopment and new development. Current ownership planned to reconfigure existing guest rooms from 106 to 85 units ranging in size from 300-900 square feet and re-open the hotel’s 4000 square foot restaurant at street level. Meeting space was to be redesigned too. Phase 2 of the redevelopment plan included adding a large destination spa and gym, additional meeting rooms and 100 additional units designed to appeal to destination spa goers. The new guest rooms are expected to range in size from 450-475 square feet.

Price: Asking $30 Million (Please verify. Subject to change) (Note, the price is now $17,750,000.)

Comments: This property is in close proximity to the beach (3 minutes!) and the terrific and up and coming Lake Worth Proper Area.

This property is partially renovated and ready for complete renovation and repositioning and is unencumbered with management and/or flag!

A unique hotel with great upside potential!

Also sent along with the information packet were the estimated costs to reopen the hotel:

Re-opening Budget
Hotel Rehab
HVAC 300,000
Elevators Repair & Basic Cab Rehab 75,000
Fire Sprinkler Panel 250,000
Roof 75,000
SE Corner Waterproof 60,000
Lobby & Common Area Rehab 75,000
Hotel Lobby Accessories 100,000
Pool, Landscape and Hot Tub 75,000
Western Parcel Demo, Parking Landscape 125,000
Restaurant Appliances 100,000
Carpet Rooms & Corridors 95,000
Paint Interior Rooms & Corridors 150,000
Paint & Re-key doors 24,500
Soft Costs
IT/Training 200,000
Marketing 300,000
Restaurant China & Inventory 120,000
Maid Carts/Bell Carts 15,000
Engineering & Supplies 20,000
Pool Furniture & Towels 50,000
Phone Equipment Leased
FF&E Package
TV Flat Panel 111 650 72,150
Clock Radio & Phone 111 50 5,550
Bed 111 150 16,650
Safes 111 95 10,545
Mattresses 120 400 48,000
Side Tables 222 50 11,100
Lamps 222 50 11,100
Sleeper Sofas 20 500 10,000
Dressers 111 450 49,950
Desk 111 100 11,100
Chair 111 100 11,100
Artwork 222 75 16,650
Bedding/Linens/Towels/Pillows 222 550 122,100
Irons,Hairdryers,Hangers,Lugg Racks 111 50 5,550
Spray Tubs 111 375 41,625
Bath Mirrors & Bath Access 111 250 27,750
Room Products & Inventory 222 50 11,100
Miscellaneous 300,000
Total 2,991,520
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2 Comments on “Such A Deal!”

  1. Steve Says:

    I didn’t see any disclaimers about the very good possibilty a lawsuit will prevent anything from being improved at that site.

  2. Sam Says:

    What did it sell for last time? Hotel should be maintained as a historic hotel and adjacent land should be developed in keeping with the nature of the historic hotel and the immediate buildings.

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