Real estate investor Deepak Khosa paid $8.1 million for the Seaspray Inn and Beach Resort on Singer Island, with plans to convert the building into multifamily, The Real Deal has learned.
Khosa, an investor and owner of Palm Beach Gardens-based Atlantic Property Services, closed on the distressed deal for the 50-key hotel at 123 Ocean Avenue in Palm Beach Shores on Wednesday. The previous owner, Seaspray Resort Ltd., had filed for bankruptcy, and Khosa said his company purchased the property from the lender.
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