Palm Beach’s Jackson Hole hotels to sell, sell up to 90% of assets

Palm Beach, Fla.

(AP) Palm Beach hotels are on the brink of closing their doors, after Palm Beach County commissioners voted unanimously to sell the company that owns them and reduce the amount of money that the hotels pay to the county.

The Palm Beach Post reports that Jackson, which has been owned by the state for nearly 50 years, is selling the properties, including its iconic resort and its popular Jackson Spa.

The company said it is exploring possible locations for the remaining properties.

The hotel sales are part of a $2 billion deal announced in June that will give Palm Beach a majority stake in the hotels, which will also become part of the county’s general fund.

The deal comes at a time when hotel operators are struggling to make ends meet.

The county is facing a $3.5 billion budget shortfall as a result of the recession, and the state has taken a more aggressive stance toward hotel industry regulation, including imposing steep fees and limits on hotel rooms.

Palm Beach is the largest hotel operator in the state, with about 2,700 hotels and about 700,000 rooms.

The city is home to the iconic Jackson Hotel and a handful of other notable hotels.

Palm beach has been on the lookout for an owner to purchase the hotels since the hotel industry began to shrink as the recession hit.