Joe Lubeck buys Palm Beach Gardens Embassy Suites, land for $40M

Joe Lubeck expanded his personal portfolio by dropping $40 million for a Palm Beach Gardens hotel and 4 adjacent acres. Lubeck, CEO of Tampa-based American Landmark Apartments, and a group of local partners acquired the Embassy Suites by Hilton Palm Beach Gardens, a 160-key property at 4350 PGA Boulevard, according to a news release. Lubeck paid $34 million for the hotel and $6 million for the adjacent acreage, a spokesperson said.   The hotel sale amounts to $212,500 per key, and the land sale amounts to $1.5 million per acre. The seller, Dallas-based Ashford Hospitality Trust, led by Monty Bennett, completed […]This article originally appeared on The Real Deal. Click here to read the full story.