COLUMBUS, OHIO—Rockbridge has acquired the Marriott in Palm Beach Gardens, Fla., in a joint venture with Pinnacle Hotel Management, which will manage the hotel. The property will undergo an extensive renovation that is scheduled for the third quarter of 2018.
The planned renovation to the Palm Beach Gardens Marriott will touch nearly every aspect of the hotel and aims to improve guest experience for both business travelers and vacationers, the company says. Planned updates include re-concepting the lobby and restaurant/bar area, fully renovating all guestrooms, refreshing all meeting spaces, and expanding the fitness area, among other updates. The renovation will be a collaborative effort by Pinnacle with hotel development company RBHD.
“Rockbridge is excited about the opportunity to re-energize this Marriott, and return it to its leadership position in the market,” says Chris Diffley, managing director of the Investment Group at Rockbridge. “We are also pleased to be working with Pinnacle, a strong partner, on this project.”
The 279‐room hotel is located just off PGA Boulevard in close proximity to many of the area’s top demand generators, including Roger Dean Stadium, home to the Miami Marlins AA baseball team as well as the Marlins and St. Louis Cardinals MLB teams during Spring Training.
“The Marriott Palm Beach Gardens is the 17th hotel Pinnacle currently manages in Florida,” says Steve Fairbanks, chief investment officer of Pinnacle. “We know the asset and market very well.”
The acquisition is the first one for Rockbridge in the Palm Beach Gardens market but the sixth deal overall with Pinnacle. The hotel will remain a full-service, Marriott-branded property.