PALM BEACH, FL- Investcorp, a global investment group whose real estate team is based in New York, and Ceebraid-Signal Corporation, a real estate management and development company with offices in West Palm Beach, FL and Stamford, CT, have acquired the Palm Beach Hilton in Palm Beach, Florida for $42 million.
The purchase of the Palm Beach Hilton from Davidson Hotel Partners of Memphis, TN, represents the fourth joint investment by Investcorp and Ceebraid-Signal.
The 134-room ocean-front hotel was built in 1980. It is located at 2842 S. Ocean Blvd., just south of Palm Beach's Four Seasons hotel. In conjunction with the transaction, the hotel's franchise agreement with Hilton has been terminated, and the property has been renamed Ocean Club Beach Resort. Investcorp and Ceebraid-Signal intend to commence renovations to the hotel early next year, in order to transform the property into a premier CONDOMINIUM HOTEL. In addition to a new exterior design, the hotel will feature a new roster of amenities and encompass 119 luxury units ranging from 350 to 750 square feet per unit. Ceebraid-Signal will oversee the renovation process and the hotel's operations going forward.

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