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Archive for the ‘Miami Beach’ Category

Royal Palm to become a James hotel

Tuesday, April 19th, 2011
The James Royal Palm

Renovations at the storied The James Royal Palm in Miami Beach are expected to be complete by late next year.

Under new ownership, The James Royal Palm is about to undergo major renovations — and a name change.

Private equity firm KSL Capital Partners bought the South Beach hotel for $130 million from Sunstone Hotel Investors in a deal that closed last week. The hotel will become part of The James brand, which already includes locations in Chicago and New York.

Sunstone didn’t hold on to the 409-room property for long: the California-based lodging real estate investment trust bought the Royal Palm through a foreclosure auction in August at a cost it said amounted to $117 million.

Next up: $42 million in renovations to guest rooms, public spaces and outdoor areas. When finished, the hotel at 1545 Collins Ave. will have 179 guest rooms, 211 studios and suites and a new spa … Read the rest

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