Miami Beach Hotel To Be Acquired In $278 Million Deal
Chesapeake Lodging Trust announced it will acquire the James Royal Palm Hotel in a $278 million deal.
The property at 1545 Collins Ave. in Miami Beach is still listed as being owned by RP Hotel Holdings, LLC, a company affiliated with Denver-based KSL Capital Partners, according to property records.
RP Hotel Holdings purchased the site for $126.1 million in August 2010.
“We are very excited to announce our entrance into the highly desirable Miami South Beach market with the pending acquisition of The James Royal Palm,” Chesapeake Lodging Trust President and CEO James Francis said in an earnings release.
Chesapeake Lodging Trust will partner with HEI Hotels & Resorts as the new manager for the 393-room hotel. Starwood Hotels & Resorts will be the franchisor on the project, Francis added.
Source: SFBJ
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