LAKE WORTH BEACH, Fla. — Michael Clyne rollerblades around Lake Worth Beach on a regular basis. And each time, he skates past the Gulfstream Hotel. He’s happy the landmark will soon get a facelift.
“It’s good to hear that they recognize this local is a gem,” he said.
The Gulfstream Hotel is a grand historic hotel that closed in 2005 and is in need of significant restoration. The hotel was in the process of being sold but instead, those plans have changed.
“The owners of The Gulfstream Hotel, CDS, have formed a partnership with the company that was going to be completely buying out The Gulfstream Hotel which is Restoration St. Louis,” Mayor Pam Triolo said.
Triolo said both companies will work on the project together.
“Unfortunately, a lot of the big banks are not loaning for hospitality projects, especially hotels, because of the pandemic. So, what happened was they were waiting on their financing to start the project and the banks just stopped,” she said.
The project is set for a complete historic renovation on the original building, a pool plus an additional building with apartments and event space.
Clyne said the reopening of The Gulfstream Hotel is a win-win for the city.
“I think this is going to be signature property,” he said.
Triolo said the project is expected to break ground in six months and should take two years to complete with a cost between $50-$75 million.