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Aztec Brokers Sale of First Mortgage Note on the
Palm House Hotel in Palm Beach, Florida
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Miami, Florida -- Aztec Group, Inc., Florida’s leading real estate investment and merchant banking firm is pleased to announce the closing of the disposition of a first mortgage note for the Palm House Hotel.  The property was in the process of foreclosure and was sold to 160 Royal Palm LLC on September 17, 2009 for an undisclosed amount. 

Centrally positioned in downtown Palm Beach, the property is less than a block from the Atlantic Ocean and is in close proximity to Worth Avenue.  Built in 1961, the hotel was being converted to a 79-unit condo/hotel, which was to feature two restaurants, a 10,000-square foot spa and 3,500 square feet of event space.  At the time of sale, the property had been gutted, expanded and framed.  Most observers believed that the remaining renovation will cost in excess of $10 million and will take more than a year to complete. 

Aztec Group was engaged by the lender, 111 Debt Acquisition Holdings, to sell the mortgage note.   Boaz Ashbel, Managing Director at Aztec Group, Inc., coordinated the transaction.

“Hotels in Palm Beach do not often become available and are impossible to replace” noted Ashbel. “This property generated a tremendous amount of interest among investors despite the need for extensive renovations to complete it.”

Founded in 1981, Aztec Group, Inc. is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients.  Aztec has long been recognized as the premier real estate capital markets intermediary and merchant banking firm in the Southeast, handling over $8 billion in transactions during the past decade. 

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Contact:

Boaz Ashbel
Managing Director 
(305) 938-8617
bashbel@aztecgroup.com
www.aztecgroup.com

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Also See: Aztec Group, Inc. Negotiates a Joint Venture for the Ownership of the Ocean Sands Resort & Spa in Pompano Beach, Florida / September 2009
Aztec Arranges the Purchase of a Performing Loan on the Comfort Inn Airport / Cruise Port in Hollywood, Florida / January 2009
Aztec Arranges $28 million Construction Loans for Courtyard and Residence Inn in San Antonio, Texas / July 2008
Aztec Arranges $13 million Loan for the Comfort Inn Airport/Cruise Port in Fort Lauderdale, Florida / January 2008
Aztec Group, Inc. Arranges the $12.25 Million Sale of Ramada Inn Airport North/Days Inn Westland Mall in Hialeah, Florida / August 2007
Aztec Arranges the $70 million Refinancing for the Sheraton Miami Mart and the Sheraton Orlando Downtown / March 2007
Aztec Group, Inc. Arranges the $79 Million Sale of Hawk’s Cay Resort in the Florida Keys / February 2007
Aztec Group Arranges the Sale of the Hampton Inn & Suites Ft. Lauderdale - Airport in Hollywood, Florida / May 2006
Aztec Group Arranges the Sale of the Stirling Suites (Formerly SpringHill Suites – Fort Lauderdale Airport) in Dania Beach, Florida / May 2006
Aztec Group, Inc. Arranges the $12 Million Sale of the Comfort Inn Airport/Cruise Port South, Hollywood, Florida / February 2006
Aztec Arranges $20 million for Condo-Hotel Redevelopment Financing for the Breakwater and Edison Condo/Hotels in the Historic Art Deco District of South Beach / October 2005
Aztec Group, Inc., Arranges $28 million in Sale and Financing of the Doubletree Resort Orlando – Villas at Maingate in Kissimmee, Florida / August 2005
Aztec Arranges the Historic Sale of World-Famous Fontainebleau Hotel, A Miami Beach Landmark / June 2005
Aztec Group Places $21 million Bridge Loan on the Breakwater/Edison Hotels on Miami Beach / October 2004


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