Dec. 12–A partnership of Crane Capital Group and Westmont Hospitality Group has secured financing to redevelop a 10-story office building in West Palm Beach, Fla., into a 191-room, upscale hotel catering to the Houston Astros, according to commercial real estate firm HFF.
The Hilton Garden Inn-branded hotel, which will serve the public as well as the Astros players, staff and families, is five miles from The Ballpark of the Palm Beach, the spring training facility for the Houston Astros and the Washington Nationals. Opening is planned in mid-2018.
HFF arranged a three-year, fixed rate construction and redevelopment loan for $18.72 million through Woodforest National Bank. Scott Wadler and Wesley Hightower of HFF worked on the deal.
The borrower acquired the vacant Forum Office tower at 1675 Palm Beach Lakes Blvd. in early 2017, according to HFF.
"Jim Crane and the entire Houston Astros organization are looking forward to deepening our involvement in West Palm Beach," Astros senior vice president and general counsel Giles Kibbe said in an announcement.
The 10-story hotel, located near the beach and downtown, will have a restaurant, pool and gym. It's adjacent to the Palm Beach Outlets Mall at Palm Beach Lakes Boulevard and Congress Avenue, half a mile east of Interstate 95. Westmont Hospitality Group will manage the hotel.
Crane Capital Group is led by Jim Crane, CEO and chairman of Crane Worldwide, a global logistics firm, and the Houston Astros.
