Joe Lubeck, CEO of American Landmark Apartments, acquired the Embassy Suites by Hilton Palm Beach Gardens and four adjacent acres for a total of $40 million, according to an April 10 announcement. The purchase includes $34 million for the hotel and $6 million for the nearby land.
The acquisition marks a significant expansion of Lubeck’s personal real estate portfolio beyond his primary focus on multifamily properties. The hotel is located at 4350 PGA Boulevard and features 160 rooms, with the sale price averaging $212,500 per key. The adjacent land was purchased at a rate of $1.5 million per acre.
The seller was Ashford Hospitality Trust from Dallas, led by Monty Bennett. Records show that Ashford completed the ten-story building in 1990 on a 3.2-acre site. The property includes over 8,500 square feet of meeting space and an atrium-style entrance. Recently, Ashford faced challenges with its hotel holdings; in August, loans tied to eighteen properties were placed into special servicing.
Lubeck said that acquiring this property represents a strategic move to diversify his holdings: “The Embassy Suites property is an ‘ideal fit’ for his personal portfolio and family office holdings.” He also plans to reopen the hotel’s long-closed restaurant later this year with a Mediterranean concept aimed at increasing food and beverage revenue while upgrading common areas.
In addition to this acquisition, Lubeck has experience in large-scale South Florida real estate projects through Electra America—an affiliate of American Landmark—which is partnering with BH Group on redeveloping Southland Mall in Cutler Bay into Southplace City Center. This project aims to add up to 4,400 residential units as well as retail, office space, and hospitality elements designed to revitalize the area’s economy.
American Landmark is among Florida’s largest apartment owners and operators with more than 34,000 units across the Southeast region.
