Lake Worth’s Gulfstream Hotel sold to Delray developer | www.palmbeachpost.com

Finally, movement on one of the most important properties in Lake Worth. Click here for information on the company that purchased the property. No firm indication what the plans are, but they say that the vacant land could accommodate another 150 hotel units. They are seeking more investors. Click title for link. From the article:

It’s not yet clear what Hudson paid for the Gulfstream, or what it plans to do with it.
But it seems as if Hudson is looking to bring in additional investors to redevelop the property, which it calls a “history landmark redevelopment hotel project” on its website. In 1983, the Gulfstream was added to the National Register of Historic Places.
On the website, Hudson notes that more than 70 percent of the rooms have water views. The rest have golf and city views. Other details: 4,000 square feet of flexible meeting space and a 100-seat restaurant, plus 96 designated outdoor parking spaces in parcel adjacent to the hotel.
The website said that the “offering includes additional land for future development. The website notes that the property is three-quarters of an acre, and a Phase II adjacent parcel for future development is 1.24 acres, suitable for “150 units Hotel Style Living Apartments.”
According to Hudson’s website, the company owns more than 150 units spread out over multiple properties in Lake Worth. Plans are to acquire multi-residential buildings in the East Lake Worth area to create a portfolio of more than 500 units over a two-year period.
A Hudson Holdings official said he would discuss details of the Gulfstream shortly.

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