EAHG purchases brand New West Palm Beach property to transform to luxury hotel residence

Electra America Hospitality Group (EAHG), a joint venture between Electra America and AKA, has acquired a brand-new property in downtown West Palm Beach that will be transformed into an upscale hotel residence catering to the city’s rapidly growing corporate and leisure travel community.

The joint venture purchased the newly built six-story building, located at 695 S. Olive Avenue, for $84 million from developer Transwestern Development Company. It is conveniently located within walking distance of historic Clematis Street, the Brightline West Palm Beach train station, numerous restaurants and nightclubs, Palm Beach Atlantic University, and several premier class A office towers including Esperante Corporate Center and the new One Flagler, and is just one block from the Intracoastal Waterway, leading to the serene and exclusive Palm Beach.

The new AKA West Palm will open this summer with 217 luxuriously appointed suites and residences, 6,000 square feet of ground-f