Clark family sells Colony Hotel in Palm Beach to Wetenhall son in $12M deal
Historic hotel underwent a $14M renovation last year
December 29, 2016 10:41AM
Colony Hotel. Inset: Andrew Wetenhall
The Clark family has sold its majority interest in the historic Colony Hotel to the son of former minority owner Bob Wetenhall Sr.
The Colony Hotel Inc. transferred ownership of the 82-room, roughly 2.5-acre hotel to CH Hotel LLC for $12 million, records show. The sale includes the three parcels at 155, 135 and 152 Hammon Avenue. CH Hotel, which was managed by Bob Wetenhall Sr., owned part of the two smaller parcels before this week’s sale.
Wetenhall Sr. no longer has an ownership interest in the hotel but will continue to live there, his son Andrew told the Palm Beach Daily News. Now, New York-based investment banker Andrew Wetenhall and his wife, Sarah, control ownership of the hotel.
The Wetenhall family is tied to the ownership and management of major sports franchises, including the Montreal Alouettes and the New England Patriots.
Wetenhall Sr. purchased the historic hotel with a business partner from Joseph Tankoos nearly 50 years ago. The late Hays Clark, a former Avon executive, and his wife, Rosamund, were also involved in the hotel’s ownership since the 1970s, according to the Daily News.
The Colony Hotel pavilion (Credit: Nickolas Sargent)
The hotel’s market value is listed on the tax rolls as a combined $18.78 million. Last year, the former owners completed a $14 million overhaul of the property, which included renovating the Colony’s pavilion ballroom, three penthouses and seven two-bedroom villas, and installing a new sound and lighting system, ceiling, carpet, new chandeliers and custom-designed wall covering. Interior designer and decorator Carleton Varney of Dorothy Draper & Co. led the renovation.
In addition to its guest rooms, the Colony, built in 1947, has 14 suites, three penthouse suites and seven guest villas. Amenities include two pools and a business center. Room rates start at about $600, according to the hotel’s website. [Palm Beach Daily News] – Katherine Kallergis
Source: The Real Deal