The owners of the Palm Beach Oceanfront Inn — the only commercial property in South Palm Beach — have taken the 58-unit motel, restaurant and bar off the market.
The two-story motel has been in foreclosure since February 2011 and was listed on loopnet.com, a commercial real estate sales website, for a reported $12.95 million. The website has listed it as off the market since Jan. 27.
PNC Bank is trying to foreclose on a $3.4 million loan. A Palm Beach County circuit judge ordered the motel into receivership in October but the Paloka family, the motel’s owners, has appealed to the 4th District Court of Appeal.
The Palokas, through Kosova Realty, bought the motel in 2003 and have twice sought approval from the town to build a 14-story, then a 10-story condominium-hotel. Both applications were turned down by the Town Council after prolonged discussions.
In 2010, town voters took the right to make zoning changes from the council and required a town-wide referendum. Kosova sued the town last year but later withdrew the suit.
— Tim O’Meilia
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