Tideline Palm Beach Resort
Ask about thisScored using an estimated 140% premium to replacement cost; spread not graded (no trailing-12-month cap rate or NOI disclosed); supply not graded (no single public source gives the total pipeline share); 3 of 5 factors graded.
Public-data underwrite. The buyer's information set was larger. Decision support, not a recommendation.
- Price
- $150Mseller-confirmed, as reported in the press; includes personal property and intangibles
- Price per key
- $1.12M per key
- Keys
- 134
- Buyer
- Fort Partners affiliate
- Seller
- Jeff Greene
- Announced
- Sep 17, 2026
- Status
- Closed Sep 9, 2026
Status only: a $112,612,500 warranty deed (real estate only) was recorded Sep 22, 2026, after the announcement, so it isn't the grading price.
Grade at announcement
As of Sep 17, 2026Price and basis
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Price per key vs replacement cost per key 30% | 1 | $1.12M per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class; press price includes personal property and intangibles); 140% above | 1 = more than 40% above | PressJul 13, 2026 (opens source)+ Price $150M, seller-confirmed (The Real Deal, Sep 17, 2026) |
Price per key vs replacement cost per key 30%1
$1.12M per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class; press price includes personal property and intangibles); 140% above
Band: 1 = more than 40% above
PressJul 13, 2026 (opens source)+ Price $150M, seller-confirmed (The Real Deal, Sep 17, 2026)
Cited figures shown for reference. They don’t enter the grade.
Price per key vs replacement cost per key
- Deal price per key ÷ HVS full-service replacement cost per key: 2.396 ($1,119,403 ÷ $467,244). The hotel had no brand at announcement, and no dated source supports a luxury class. source · Jul 13, 2026
Operating performance
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Implied cap rate vs 10-year Treasury spread 25% | Not graded | No trailing-12-month cap rate or NOI disclosed (private seller; price from press reports). | None (not graded) | |
| Demand trajectory 15% | 5 | Lodging tax receipts +7.72% (trailing 12 months vs prior 12, Palm Beach County tourist development tax, Apr 2025 to Mar 2026 vs prior 12; $98,337,638 vs $91,288,713) | 5 = up 5% or more | RecordJun 11, 2026 (opens source) |
Implied cap rate vs 10-year Treasury spread 25%No trailing-12-month cap rate or NOI disclosed (private seller; price from press reports).Not graded
No trailing-12-month cap rate or NOI disclosed (private seller; price from press reports).
None (not graded)
Demand trajectory 15%5
Lodging tax receipts +7.72% (trailing 12 months vs prior 12, Palm Beach County tourist development tax, Apr 2025 to Mar 2026 vs prior 12; $98,337,638 vs $91,288,713)
Band: 5 = up 5% or more
Cited figures shown for reference. They don’t enter the grade.
Implied cap rate vs 10-year Treasury spread
- 10-year Treasury par yield, Sep 17, 2026 close: 4.94%. No qualifying cap rate, so no spread is computed. source · Sep 17, 2026
Access: airlift and drive (not a rubric factor; no weight)
- Airlift: Palm Beach International (PBI) passengers, trailing 12 months Aug 2025 to Jul 2026, +1.81%. No drive-corridor data. source · Aug 31, 2026
Financing and material risks
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Supply backdrop 15% | Not graded | No dated single public source gave Palm Beach County's total pipeline as a share of existing rooms by Sep 17, 2026. | None (not graded) | |
| Debt and transaction context 15% | 5 | Seller-confirmed sale by a private owner to an affiliate of Fort Partners; no lender, receiver or distress named and no relationship between the parties stated (The Real Deal, Sep 17, 2026). | 5 = Clean arm's-length sale with no distress | PressSep 17, 2026 (opens source) |
Supply backdrop 15%No dated single public source gave Palm Beach County's total pipeline as a share of existing rooms by Sep 17, 2026.Not graded
No dated single public source gave Palm Beach County's total pipeline as a share of existing rooms by Sep 17, 2026.
None (not graded)
Debt and transaction context 15%5
Seller-confirmed sale by a private owner to an affiliate of Fort Partners; no lender, receiver or distress named and no relationship between the parties stated (The Real Deal, Sep 17, 2026).
Band: 5 = Clean arm's-length sale with no distress
Cited figures shown for reference. They don’t enter the grade.
Supply backdrop
- Palm Beach County has about 20,000 hotel rooms (rounded, as printed); no pipeline share stated. source · Mar 24, 2026
Debt and transaction context
- Status only: warranty deed for $112,612,500 (real estate only), recorded Sep 22, 2026, Palm Beach County instrument 20260344849. source · Sep 22, 2026
Weights of ungraded factors are spread across graded ones.
Rubric v1 (original), graded Oct 26, 2026: 3.0 of 5
Scored using an estimated 140% premium to replacement cost; spread not gradeable (no trailing-12-month cap rate or NOI disclosed); 3 of 5 factors graded.
| Factor | Score | Input | Band | Source |
|---|---|---|---|---|
| Price per key vs replacement cost per key 30% | 1 | $1.12M per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class; press price includes personal property and intangibles); 140% above | 1 = more than 40% above | PressJul 13, 2026 (opens source)+ Price $150M, seller-confirmed (The Real Deal, Sep 17, 2026) |
| Implied cap rate vs 10-year Treasury spread 25% | Not graded | No trailing-12-month cap rate or NOI disclosed (private seller; price from press reports). | None (not graded) | |
| Supply backdrop 15% | Not graded | No dated single public source gave Palm Beach County's total pipeline as a share of existing rooms by Sep 17, 2026. | None (not graded) | |
| Demand trajectory 15% | 5 | Lodging tax receipts +7.72% (trailing 12 months vs prior 12, Palm Beach County tourist development tax, Apr 2025 to Mar 2026 vs prior 12; $98,337,638 vs $91,288,713) | 5 = up 5% or more | RecordJun 11, 2026 (opens source) |
| Debt and transaction context 15% | 5 | Seller-confirmed sale by a private owner to an affiliate of Fort Partners; no lender, receiver or distress named and no relationship between the parties stated (The Real Deal, Sep 17, 2026). | 5 = Clean arm's-length sale with no distress | PressSep 17, 2026 (opens source) |
Price per key vs replacement cost per key 30%1
$1.12M per key vs $467k replacement cost per key (HVS 2026 full-service median including land, $467,244; single class; press price includes personal property and intangibles); 140% above
Band: 1 = more than 40% above
PressJul 13, 2026 (opens source)+ Price $150M, seller-confirmed (The Real Deal, Sep 17, 2026)
Implied cap rate vs 10-year Treasury spread 25%No trailing-12-month cap rate or NOI disclosed (private seller; price from press reports).Not graded
No trailing-12-month cap rate or NOI disclosed (private seller; price from press reports).
None (not graded)
Supply backdrop 15%No dated single public source gave Palm Beach County's total pipeline as a share of existing rooms by Sep 17, 2026.Not graded
No dated single public source gave Palm Beach County's total pipeline as a share of existing rooms by Sep 17, 2026.
None (not graded)
Demand trajectory 15%5
Lodging tax receipts +7.72% (trailing 12 months vs prior 12, Palm Beach County tourist development tax, Apr 2025 to Mar 2026 vs prior 12; $98,337,638 vs $91,288,713)
Band: 5 = up 5% or more
Debt and transaction context 15%5
Seller-confirmed sale by a private owner to an affiliate of Fort Partners; no lender, receiver or distress named and no relationship between the parties stated (The Real Deal, Sep 17, 2026).
Band: 5 = Clean arm's-length sale with no distress
After the deal
Tracked separately. Not part of the grade.
- T0 · at announcementSep 17, 2026
- T+1Lands Sep 2027
- T+2Lands Sep 2028
Sources (5)
- RecordTourist development tax collections FY2025-2026 (archived Jun 11, 2026)
- RecordDaily Treasury par yield curve rates, 10 Yr (close used)
- RecordWarranty deed, OR Book 36806 Page 1961 (status only)
- PressHVS U.S. Hotel Development Cost Survey 2026 (Exhibit 6, median total incl. land)
- PressJeff Greene sells Tideline Palm Beach Ocean Resort ($150M, seller-confirmed)
Sources (5)
- RecordTourist development tax collections FY2025-2026 (archived Jun 11, 2026)
- RecordDaily Treasury par yield curve rates, 10 Yr (close used)
- RecordWarranty deed, OR Book 36806 Page 1961 (status only)
- PressHVS U.S. Hotel Development Cost Survey 2026 (Exhibit 6, median total incl. land)
- PressJeff Greene sells Tideline Palm Beach Ocean Resort ($150M, seller-confirmed)