Palm Beach Gardens Marriott property sells for discount

4:11 p.m Wednesday, Dec. 27, 2017 Business

The Palm Beach Gardens Marriott has sold at a significant discount to the price it fetched a decade ago, according to property records.

Rockbridge Capital of Columbus, Ohio, paid $29 million for the 279-room hotel at 4000 RCA Blvd., according to property records.

The hotel last sold in 2007, when Investcorp of New York paid $59.3 million during the height of a commercial real estate boom.

Rockbridge took a $35 million mortgage from Florida Community Bank. A loan amount that exceeds the purchase price would seem to suggest the new owner plans to renovate the property, which was built in 1990.