In its 4Q results report released this week, Chesapeake Lodging Trust (CLT) announced that it had entered into a definitive agreement to acquire the 393-room James Royal Palm located in Miami Beach, Florida for a purchase price of $278 million. The acquisition is expected to close in the first quarter 2015, subject to customary closing conditions. The property at 1545 Collins Ave. in Miami Beach is still listed as being owned by RP Hotel Holdings, a company affiliated with Denver-based KSL Capital Partners, according to property records and a report by the South Florida Business Journal.
"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," said James Francis, Chesapeake Lodging Trust's President and Chief Executive Officer, in a press release. "The Royal Palm, which recently underwent a comprehensive renovation, has an irreplaceable oceanfront location at the intersection of Collins Avenue and 15th Street. We believe the hotel has significant upside potential in both revenue and profitability and we are happy to partner with both HEI Hotels & Resorts, as the new hotel manager, and Starwood Hotels & Resorts, as the franchisor, on this project."
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