South Florida Building Sells For $84 Million: Buyers Cite Increase in Leisure Travel

A new six-story building in downtown West Palm Beach that was sold for $84 million will soon transform into a luxury hotel residence to help keep up with the city’s fast-growing corporate and leisure travelers. 

With cruise ports opening in late 2021 and less-stringent COVID-19 restrictions, leisure travel in Florida is booming, according to Marcus & Millichap’s Florida 2022 Hospitality Investment Forecast Report.