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Ocean Beach NY, 11770
$14,000,000
  • Sold
  • For Sale: The Palms Hotel
  • Misc
  • ML# OB-P

Property Details

Overview

The Palms Hotel is a luxury boutique hotel in the heart of Ocean Beach. It is a unique assemblage of four buildings with 43 rooms owned in Fee Simple, and two leased buildings with 3 guest rooms. The fee owned properties are 167-171 Cottage Walk, 7-9 Bungalow Walk, and 932-934 Bay Walk which is a coveted Bayfront property. The leased locations include 6 Bungalow Walk and 937 Bay Walk. All the properties are within 5 short blocks in Ocean Beach, Fire Island. Of the 43 guest rooms, 19 are suites. Average nightly rates reach well over $500 per night for standard rooms and suites average over $1,000/night. Historical occupancy is over 90%.

The offering includes the lease on CJ's Restaurant and Bar, a legendary Fire Island institution. CJ's was established in 1971 and is the home of the island's famous Rocket Fuel cocktail. Rare opportunity to acquire a blue chip boutique hospitality asset in a highly desirable market with significant upside potential. Detailed prospectus available to qualified parties only, upon request.

Key Facts

  1. Presented by

    Presented by Abigail Medvin Mago
  2. Presented by

    Presented by Alan Medvin

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Listing Information provided courtesy of Fire Island Sales and Rentals