Billionaire developer Steve Ross has secured $172.5 million in financing to acquire The Ben Hotel, a 208-room property located at 251 North Narcissus Avenue in West Palm Beach. The loan was provided by Tokyo-based Nomura to West Palm Beach-based Related Ross for the purchase of the hotel, which operates under Marriott’s Autograph Collection brand. Newmark’s Jordan Roeschlaub and Nick Scribani arranged the mortgage on behalf of Related Ross.
The financing equates to roughly $829,000 per room. CBRE, led by Robert Webster and Ron Danko Jr., represented the seller, an affiliate of Wheelock Capital from Greenwich, Connecticut, managed by Rick Kleeman and Jonathan Paul.
While neither the buyer nor brokers disclosed the sale price, records show that Wheelock acquired the hotel in 2021 for $106.4 million—about $511,000 per key—after its completion by Concord Hospitality in 2020. The Ben was listed for sale in late 2024 with an asking price of $208 million.
Located within Flagler Banyan Square—a nearly 10-acre mixed-use development anchoring downtown West Palm Beach—the hotel offers 18,500 square feet of meeting and event space and houses Spruzzo, a rooftop Italian restaurant with views of the Intracoastal Waterway and Palm Harbor Marina.
This acquisition further expands Ross’ portfolio in downtown West Palm Beach. His firm has played a significant role in shaping the city’s skyline with major office and residential projects such as 360 Rosemary and One Flagler. The company is now recognized as West Palm Beach’s largest landlord, with hospitality becoming an increasing focus.
Ross previously developed the Hilton convention center hotel and is currently pursuing approval for a proposed $290 million Curio by Hilton project adjacent to the Palm Beach County Convention Center. Additionally, Related Ross plans to enter the private club and marina sector with a four-story members club next to Palm Harbor Marina across from The Ben.
