May 13–The Gulfstream Hotel in downtown Lake Worth has been sold to a Delray Beach real estate company, finally ending a period of limbo for the historic hotel.
Hudson Holdings is involved in the acquisition and development of commercial and residential real estate, according to its website.
The website now prominently features the Gulfstream Hotel, built in 1925, as one of Hudson’s current projects.
The Gulfstream Hotel, adjacent to the Intracoastal Waterway at Lake Avenue, has been locked litigation since 2010. That’s when a lender filed a foreclosure lawsuit against its then-owner, CSC Lake Worth Limited Partnership in Palm Beach County Circuit Court, seeking repayment of a $12 million loan.
CSC Lake Worth is an entity affiliated with West Palm Beach-based Ceebraid-Signal Corp.
A Ceebraid company bought the 106-room Gulfstream in 2005 for $13 million, with plans to turn the hotel into a condo-hotel. A new name was even considered: The Hotel Frank at the GulfStream.
Plans were in the works to turn the hotel’s 106 rooms into 90 hotel-condo units, selling from $150,000 to $500,000 each. The Ceebraid company also wanted to build a 51-unit luxury condo next to the hotel, with prices ranging from $500,000 to $900,000-ish.
When it appeared that market was evaporating, the Ceebraid team began thinking of something else. Then Hurricane Wilma struck, and the hotel was shut down.
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 flip 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.
