Related Ross Ups Debt on West Palm Convention Center Hotel to $150M
By Julia Echikson January 7, 2025 11:07 am
reprints
Stephen Ross’s new eponymous venture has refinanced a convention center hotel in Downtown West Palm Beach, Fla., upping the debt to $150 million, property records show.
Related Ross secured the floating-rate financing on the 400-room Hilton West Palm Beach property, according to mortgage documents. The new $150 million loan from BDT & MSD Partners replaces a $105 million loan from Bank Hapoalim and Wells Fargo, which dates back to 2018. (A representative for Related Ross confirmed the loan.)
Related Companies, which Ross founded and led until last year, developed the 310,506-square-foot building on a 3.43-acre site owned by Palm Beach County. The New York-based company completed the property in 2016, and last year spent $25 million renovating it.
The complex, at 600 Okeechobee Boulevard, is connected to the Palm Beach County Convention Center and stands across the street from the mixed-use City Place complex, which Related Companies developed and remains an anchor for the city’s downtown.
Hilton West Palm Beach came under the ownership of Related Ross last year, when Ross launched the entity and took the Palm Beach County properties that were under purview of Related Southeast.
Update: The story was updated to include the previous lenders.
Julia Echikson can be reached at jechikson@commercialobserver.com.
