Beachfront hotel in Delray Beach sells for $25M

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Beachfront hotel in Delray Beach sells for $25M
Delray Beach, FL
 
Published Friday, October 5, 2018 10:00 am
by Brian Bandell Senior Reporter, South Florida Business Journal

 
The Wright by the Sea hotel along the ocean in Delray Beach sold for $25 million, or $862,069 per room.
 

Wright Southern Inc., managed by Dorothea G. Vela, sold the 29-room hotel at 1901 S. Ocean Blvd. and 0.57 acres of vacant land at 1060 Del Harbor Drive to Wright by the Sea 1901 LLC, an affiliate of New Jersey-based National Realty Investment Advisors. The buyer received a $22 million mortgage from affiliates of New York-based Ares Commercial Real Estate Management.

The 17,952-square-foot hotel was built on the 1.8-acre site in 1953. It’s been under the same ownership for over 40 years. It has a pool near the beach. Some of the rooms are two bedrooms.

NRIA has developed about 715 units since 2010 and currently has $235 million projects in progress, according to its website. It’s currently building the Gulfstream Views townhouse project along the ocean near Boynton Beach.

Officials with NRIA couldn’t immediately be reached for comment about their plans for the Delray Beach site.

 
 
 
 
By   – Senior Reporter, South Florida Business Journal

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