West Palm Beach, FL – April 14, 2022 – Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA, has acquired a brand new property in downtown West Palm Beach that will be transformed into an upscale, hotel residence catering to the city’s rapidly growing corporate and leisure travel community.
The joint venture purchased the newly built, six- story building located at 695 S. Olive Avenue, for $84 million from developer Transwestern Development Company. It is conveniently located within walking distance of historic Clematis Street, the Brightline West Palm Beach train station, numerous restaurants and night clubs, Palm Beach Atlantic University, several premier Class A office towers including Esperante Corporate Center and the new One Flagler, and just one block from the Intracoastal Waterway, leading to the serene and exclusive Palm Beach.
The new AKA West Palm will open this summer with 217 luxuriously appointed suites and residences, 6,000 square feet of ground-floor retail directly on S. Olive Avenue, an indoor/outdoor lounge and bar that is accessible from the resort-like pool and deck, a state-of-the-art fitness center, a sizeable conference room and smaller conference nooks, a pet spa, a private residence lounge space for AKA members and breathtaking water views.
“As we continue to remain committed to finding exceptional assets in well-located markets, this downtown West Palm Beach property presented us with an opportunity to create a high-quality suite hotel for this high-growth market,” said Russ Urban, CEO of EAHG. “It’s a beautifully designed property in the heart of the central business district, and with the recent migration of several large financial and tech firms from New York to Palm Beach, combined with an uptick in drive-to leisure travel, we are confident AKA West Palm will have a great demand for accommodations.”
“This property truly complements the spirit of AKA and allows us to reimagine it into a hybrid of boutique hotel and serviced residence, the core of our brand, said Larry Korman, President of AKA. “It offers sleek design finishes and experiential amenities and is in one of the most sought-after cities globally. As AKA’s offering resonates anew with today’s traveler, the city of West Palm Beach, is also experiencing a major renaissance with new development, hotels and restaurants continuing to be on the rise. We are confident this property will add a new energy to our brand and look forward to opening our second property for the Florida market, alongside Electra America.”
The new hotel residence will feature studio, one and two-bedroom layouts ranging from 351 square feet to over 840 square feet. Originally designed as micro-apartments, all suites and residences will have a kitchen or kitchenette to cater to longer-stay guests.
This marks EAHG’s fourth acquisition since the joint venture launched in early 2021 with the intent to acquire and reimagine transient hotels in gateway cities – as well as AKA’s debut in Palm Beach. Late last year, EAHG purchased an iconic, 201-room property in Miami, which is now Hotel AKA Brickell.
AKA, which specializes in accommodations designed for longer stays with exceptional business, wellness and lifestyle amenities in well-known neighborhoods, operates 10 hotels and hotel residences in New York City, Los Angeles, Miami, Philadelphia, Washington D.C., and London.