Palm Beach Hawaiian Inn to be bulldozed - General Tiki

T tikiskip Grand Member (8 years) Joined: Nov 26, 2005 Posts: 5994	T tikiskip Posted posted on Thu, Sep 25, 2014 2:30 PM Posted: 2013-01-14 7:24 pm Permalink Here's some (good) breaking news on the Palm Beach Oceanfront Inn, posted online today on PalmBeachPost.com: South Palm Beach oceanfront hotel sells for $8 million http://www.palmbeachpost.com/news/business/real-estate/south-palm-beach-oceanfront-hotel-sells-for-8-mill/nTwsH/ By Kimberly Miller Palm Beach Post Staff Writer SOUTH PALM BEACH — The iconic Palm Beach Oceanfront Inn, known to locals as the Hawaiian, has been bought by new owners for $8.25 million. Palm Beach County court and property records show the 50-year-old hotel on South Ocean Boulevard was purchased in November by the limited liability corporation 3550 Palm Beach Holdings. PNC Bank had filed for foreclosure in February 2011 against the previous owner, Kosova Realty Corp., which bought the inn for $3.3 million in 2002. PNC released that mortgage in early November. “We look forward to a new era for this Palm Beach landmark and appreciate the outpour of excitement and support from the locals,” said Gary Cohen, a representative of 3550 Palm Beach Holdings, which has a Connecticut mailing address. The Coral Gables-based hotel management company Trust Hospitality will manage the property. The hotel was originally called the Palm Beach Hawaiian Ocean Inn and was designed in a Polynesian style. Its winged roof is a standout among the neighboring condominiums that line South Ocean. Cohen said physical and operational improvements are planned for the inn and that a long-range “vision” will be announced in the near future. The hotel has 58 guest rooms and the oceanfront Tides Bar & Grille. The previous owners had wanted to raze the structure and rebuild it as a 14-story condominium hotel. They were willing to build the town a public safety building and new town hall to sweeten the deal. Despite several plan modifications, no reconstruction efforts made their way through the town and state regulatory process. Kosova Realty Corp. filed for Chapter 11 bankruptcy in March. "Cohen said physical and operational improvements are planned for the inn and that a long-range “vision” will be announced in the near future" Heard that before, we will build a new Kahiki............. There must be an upside money wise to buying then trashing this place a bit over a year of ownership.

Posted: 2013-01-14 7:24 pm Permalink

Here's some (good) breaking news on the Palm Beach Oceanfront Inn, posted online today on PalmBeachPost.com:

South Palm Beach oceanfront hotel sells for $8 million
http://www.palmbeachpost.com/news/business/real-estate/south-palm-beach-oceanfront-hotel-sells-for-8-mill/nTwsH/

By Kimberly Miller
Palm Beach Post Staff Writer

SOUTH PALM BEACH — The iconic Palm Beach Oceanfront Inn, known to locals as the Hawaiian, has been bought by new owners for $8.25 million.

Palm Beach County court and property records show the 50-year-old hotel on South Ocean Boulevard was purchased in November by the limited liability corporation 3550 Palm Beach Holdings.

PNC Bank had filed for foreclosure in February 2011 against the previous owner, Kosova Realty Corp., which bought the inn for $3.3 million in 2002. PNC released that mortgage in early November.

“We look forward to a new era for this Palm Beach landmark and appreciate the outpour of excitement and support from the locals,” said Gary Cohen, a representative of 3550 Palm Beach Holdings, which has a Connecticut mailing address.

The Coral Gables-based hotel management company Trust Hospitality will manage the property.

The hotel was originally called the Palm Beach Hawaiian Ocean Inn and was designed in a Polynesian style. Its winged roof is a standout among the neighboring condominiums that line South Ocean.

Cohen said physical and operational improvements are planned for the inn and that a long-range “vision” will be announced in the near future.

The hotel has 58 guest rooms and the oceanfront Tides Bar & Grille.

The previous owners had wanted to raze the structure and rebuild it as a 14-story condominium hotel. They were willing to build the town a public safety building and new town hall to sweeten the deal.

Despite several plan modifications, no reconstruction efforts made their way through the town and state regulatory process. Kosova Realty Corp. filed for Chapter 11 bankruptcy in March.

"Cohen said physical and operational improvements are planned for the inn and that a long-range “vision” will be announced in the near future"

Heard that before, we will build a new Kahiki.............
There must be an upside money wise to buying then trashing this place a bit over a year of ownership.

Post #728384 by tikiskip on Thu, Sep 25, 2014 2:30 PM