Oceanfront Hotel in Palm Beach Shores Hits the Auction Market
Seaspray Beach Resort located in Palm Beach Shores, Florida is scheduled to be auctioned on June 8th, 2012 @ 11am, on the hotel premises.
PALM BEACH SHORES, Fla., April 25, 2012 /PRNewswire/ -- The upswing has arrived and oceanfront real estate in South Florida seems to be the item on everyone's wish list. The seller for this oceanfront hotel, the Seaspray Beach Resort, has decided to auction the property on June 8th and has engaged Fisher Auction Company to do the job. With wealthy foreign and domestic buyers rapidly depleting available inventory at record high prices, oceanfront real estate has become the hottest ticket in town. This influx of capital has oceanfront hotels experiencing a similar phenomenon with record high occupancy and rates. Investors, hoteliers and developers are scouring the coast for oceanfront real estate but are coming up short. There are simply too few available premier sites to meet the growing demand.
Regarded as one of the best kept secrets in Florida, the pristine Town of Palm Beach Shores is surrounded by water on three sides and sits nestled between the world-famous Town of Palm Beach and the exclusive Singer Island, home to the new Ritz-Carlton Residences. Palm Beach Shores is also the home of the Seaspray Inn Beach Resort, a fully operating, 51-room hotel, located at 123 South Ocean Avenue, with breathtaking vistas of the Atlantic Ocean.
As Palm Beach Shores' only oceanfront hotel, the Seaspray Beach Resort sits on over half an acre of premier oceanfront land and is just steps away from the Marriott Vacation Club's Timeshare Resort and ST Residential's ultra luxury condominium, Dolcevita.
Buyers can choose to make use of the 50 existing hotel suites or instead, may opt to capitalize on the already approved zoning for approximately 50,000 square feet of residential condominium units. These approvals allow buyers to build up to 27 residential units in a structure as high as six stories without the necessity of obtaining any variances.
Lamar P. Fisher, President and CEO of Fisher Auction Company is leading the sale and marketing effort for this unique opportunity. "Even we were surprised by the tremendous interest of hoteliers and developers for this property who have heard from word of mouth about the upcoming auction," Fisher said.
SOURCE Fisher Auction Company
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