Palms Hotel Fire Island
Ocean Beach, New York
ASKING PRICE HOTEL $14,000,000
The Palms Hotel is a luxury boutique hotel in the heart of Ocean Beach. It is a unique assemblage of four buildings with 43 rooms owned in Fee Simple, and two leased buildings with 3 guest rooms. The fee owned properties are 167-171 Cottage Walk, 7-9 Bungalow Walk, and 932-934 Bay Walk which is a coveted Bayfront property. The leased locations include 6 Bungalow Walk and 937 Bay Walk. All the properties are within 5 short blocks in Ocean Beach, Fire Island. Of the 43 guest rooms, 19 are suites. Average nightly rates reach well over $500 per night for standard rooms and suites average over $1,000/night. Historical occupancy is over 90%.
The offering includes the lease on CJ's Restaurant and Bar, a legendary Fire Island institution. CJ's was established in 1971 and is the home of the island's famous Rocket Fuel cocktail. Rare opportunity to acquire a blue chip boutique hospitality asset in a highly desirable market with significant upside potential. Detailed prospectus available to qualified parties only, upon request.