Related Ross sale/leaseback deal puts $290M convention center hotel in hands of Palm Beach County
Billionaire Steve Ross’ firm secured approval for a sale-leaseback with Palm Beach County to develop a second convention center hotel. The county is set to purchase the 1.8-acre Related Ross-owned parking lot and the future hotel to be built on it at 900 South Rosemary Avenue for $26 million. Related Ross will lease it back for up to 97 years. The developer agreed to pay $1.1 million a year in rent once the hotel is completed, or about $93,000 a month, which would increase by 3 percent a year. The county can collect a 6 percent participation rent for annual […]This article originally appeared on The Real Deal. Click here to read the full story.
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Stevan Stanisic
Real Estate Advisor License ID: SL3518131
Real Estate Advisor License ID: SL3518131