Related Companies, the real estate firm led by billionaire Stephen Ross, has agreed to buy The Ben, a boutique hotel in downtown West Palm Beach, for approximately $190 million, according to sources familiar with the deal.
The purchase underscores Ross’ ongoing investment focus in West Palm Beach, a city that’s seen a sharp rise in real estate interest over the past few years. The Ben, part of Marriott’s Autograph Collection, sits near the waterfront on Flagler Drive and has become one of the area’s top-rated hotels since it opened in early 2020.
The property is currently owned by Wheelock Street Capital, a private equity firm that previously partnered with Concord Hospitality to develop and operate the hotel. Wheelock had been exploring a sale for several months, working with commercial real estate giant CBRE Group Inc. to market the asset. In a previous report, Bloomberg noted the hotel could fetch more than $1 million a room, a benchmark reserved for a small tier of luxury properties.
The Ben features 208 rooms, including suites with views of the Intracoastal Waterway. It also houses rooftop bar Spruzzo, which has become a popular local draw for its city and water views. Its proximity to Clematis Street and walking distance to The Square make it attractive to both tourists and business travelers.
For Ross, already a major player in the West Palm real estate scene through projects like 360 Rosemary and One Flagler, the acquisition aligns with his broader plan to turn downtown into a hub for finance, law, and tech firms relocating from the Northeast. Related has been steadily expanding its footprint in the city, luring tenants such as Goldman Sachs and Point72 Asset Management to local office towers.
While representatives for Related and Wheelock declined to comment on the deal, the price tag suggests a strong vote of confidence in West Palm Beach’s future as a growing urban center. The transaction, when finalized, will mark one of the most significant hotel sales in the region since the pandemic, further signaling momentum in South Florida’s hospitality and commercial real estate markets.
For locals, it’s another sign that West Palm Beach continues to evolve beyond its traditional image. What was once viewed as a quieter neighbor to Miami and Fort Lauderdale is now attracting big money and bold plans. And with developers like Ross doubling down, the city’s skyline—and its economy—is poised for more change.
