Related Ross approved for $300M Hilton Curio in West Palm Beach

The Palm Beach County Commission has approved plans for Related Ross to construct a $300 million Hilton Curio hotel in West Palm Beach, Florida. The 18-story project will be located at 900 South Rosemary Avenue, adjacent to the Palm Beach County Convention Center.

The development will feature 400 rooms, 20,800 square feet of meeting space, and 7,400 square feet of retail space. The project is structured as a sale-leaseback deal in which Related Ross will sell the 1.8-acre site to the county for $26 million and subsequently lease it back to build the hotel.

Under the proposed 97-year lease agreement, Palm Beach County is expected to receive approximately $1 billion through rent and a share of the hotel’s revenue. Annual rent is set to begin at $1.1 million with a 3 percent annual increase. Additionally, the county will receive 6 percent of gross revenue exceeding $77 million, which also increases by 3 percent annually. The developer will be exempt from property taxes and is not seeking further financial incentives.