AKA West Palm — Photo by Korman Communities

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 night clubs, Palm Beach Atlantic University, several premier Class A office towers including Esperante Corporate Center and the new One Flagler, and 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-floor retail directly on S. Olive Avenue, an indoor/outdoor lounge and bar that is accessible from the resort-like pool and deck, a state-of-the-art fitness center, a sizeable conference room and smaller conference nooks, a pet spa, a private residence lounge space for AKA members and breathtaking water views.

The new hotel residence will feature studio, one and two-bedroom layouts ranging from 351 square feet to over 840 square feet. Originally designed as micro-apartments, all suites and residences will have a kitchen or kitchenette to cater to longer-stay guests.

This marks EAHG's fourth acquisition since the joint venture launched in early 2021 with the intent to acquire and reimagine transient hotels in gateway cities - as well as AKA's debut in Palm Beach. Late last year, EAHG purchased an iconic, 201-room property in Miami, which is now Hotel AKA Brickell.

AKA, which specializes in accommodations designed for longer stays with exceptional business, wellness and lifestyle amenities in well-known neighborhoods, operates 10 hotels and hotel residences in New York City, Los Angeles, Miami, Philadelphia, Washington D.C., and London.

Hotel website