A luxury resort in Palm Beach, Florida, has sold for a price tag north of $100 million.
Miami-based privately held real estate ownership, development and management company Fort Partners acquired the 134-room Tideline Palm Beach Ocean Resort and Spa from TLPB Hospitality for $150 million, according to CoStar data. TLPB Hospitality is a branch of Raleigh, North Carolina-based management, ownership and development company Concord Hospitality Enterprises, and is owned by billionaire Jeff Greene.
Fort Partners' ownership portfolio is heavily concentrated in the south Florida region, including: The Surf Club in Surfside; Four Seasons Resort Palm Beach; Four Seasons Hotel and Residences Fort Lauderdale; and Four Seasons Hotel and Residences Miami. It also has an international presence in Italy and Spain.
Eastdil Secured Savills brokered the sale, Greene told The Palm Beach Daily News.
The expenses of running the hotel along with the cost of property taxes served as some of the main reasons Greene pursued a sale, the newspaper reports.
"I just couldn't make any money with it," Greene said to the newspaper. "The biggest issue is that you have to make all your money in a couple of months — February and March. ... It's a very hard operating business. We've done well with it but it has certainly been an enormous amount of work. The time was right [to sell]."
Greene acquired the resort for $42 million in April 2011. It completed a $20 million renovation at the beginning of 2024, updating both its interior and exterior.
The luxury resort in the West Palm Beach submarket initially opened in 1980 and features amenities such as an outdoor pool, pet-friendly accommodations, a full-service spa and easy access to the beach.