American Landmark Apartments CEO Buys South Florida Hilton Embassy for $40M

Joe Lubeck, the CEO of multifamily investor American Landmark Apartments, has bought a Hilton Embassy Suites in Palm Beach Gardens, Fla., for $40 million, Commercial Observer has learned.  

The 160-room property, called Embassy Suites by Hilton Palm Beach Gardens PGA Boulevard, faces Interstate 95 at 4350 PGA Boulevard, surrounded by other mid-tier hotels, adjacent to North Military Trail. The building, constructed in 1990 on a 3.2-acre site, features 8,500 square feet of meeting space, a heated pool and a fitness center.

The sale appears to be the first time the property has traded. Dallas-based Ashford Hospitality Trust is the seller. (A representative for the seller did not immediately respond to a request for comment.)

The price tag includes $34 million for the 249,127-square-foot hotel and $6 million for four adjoining acres, according to a representative for American Landmark Apartments. Lubeck made the purchase with partners, which the representative has yet to name. 

“As we look at our personal portfolio and family office holdings, a high-performing hotel such as this particular Embassy Suites is an ideal fit, and it’s right in our backyard,” Lubeck said in a statement. 

Tampa-based American Landmark Apartments owns 32,000 apartments primarily in the Sun Belt, including the 244-unit the Asher in Cypress Creek. 

Lubeck’s purchase comes about a year after private equity firm Henderson Park bought the nearby PGA National Resort for $425 million. The 807-acre property is home to 360 hotel rooms and 99 golf holes, including the Champion Course, which has hosted a PGA event since 2007.

Julia Echikson can be reached at jechikson@commercialobserver.com.