Electra America Hospitality Group Purchases Brand New West Palm Beach Property, Plans Transformation To Luxury Hotel Residence
Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA, has acquired a brand new property in downtown West Palm Beach that will be transformed into an upscale, hotel residence catering to the city’s rapidly growing corporate and leisure travel community. EAHG purchased the newly built, 6-story building located at 695 South Olive Avenue for $84 million from developer Transwestern Development Company. It is conveniently located within walking distance of historic Clematis Street, the Brightline West Palm Beach train station, numerous restaurants and night clubs, Palm Beach Atlantic University, several premier Class A office towers including Esperante Corporate Center and the new One Flagler, and just one block from the Intracoastal Waterway, leading to the serene and exclusive Palm Beach.