Denihan Hospitality Group is bringing its James hotel brand to Miami Beach’s Royal Palm. The hotel, which will be renamed the James Royal Palm, was sold at a bankruptcy auction last year for $126 million to real estate investment trust Sunstone Hotel Investors. Last month, Sunstone sold it for $130 million to KSL Capital Partners, which is planning a $42.6 million renovation and hired Denihan to manage the property when the project is finished next year. The 72-year-old, 409-room hotel is the fourteenth in Denihan’s management portfolio (it owns half of those properties, too). It is the third that will carry the boutique luxury James brand, joining the 297-room James Chicago and the 114-room James New York, which opened last year in Manhattan. [WSJ]
Posts Tagged ‘royal palm hotel’
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Sunstone Hotel Investors, which acquired the Royal Palm Hotel in Miami Beach in August and owns 31 other hotel properties nationwide, is planning a $1 billion acquisition spree of large, high-end properties in major cities for 2011. The real estate investment trust has had to unload 10 hotels whose mortgages were underwater over the past two years, but is now aggressively trying to get back in the game under new leadership. Among the company’s first purchases of the year will be the remaining 62 percent stake in the Doubletree Guest Suites Times Square in New York City, for which it will pay $37.5 million. Sunstone already owns the other 38 percent of that hotel, and expects to close the deal this month. “Many deals last year, we spent months and months and months on to analyze the transaction until it essentially moved away from us,” said Kenneth Cruse, Sunstone’s new president and CFO. “We think going forward we are able to close many deals within two to three weeks.” [Bloomberg]
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Denihan Hospitality Group has been selected by Sunstone Hotel Investors to manage the 407-unit Royal Palm Hotel at 1545 Collins Avenue in South Beach, the first entry for the company in the Miami hotel market. The property was sold at auction this summer for $126.1 million, and will undergo renovations aimed at a 2011 reopening. Denihan manages 14 properties in four cities under the James and Affinia brands. TRD [more]
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The Miami-Fort Lauderdale-Miami Beach metropolitan area saw its commercial mortgage-backed securities loan delinquency rate climb last month, rising to 10.88 percent, according to data through Sept[more]
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The Royal Palm Hotel was sold yesterday for $126.1 million to Sunstone
Hotel Investors. The Aliso Viejo, Calif.-based company now owns the
409-room hotel at 1545 Collins Avenue, one of 31 hotels in its
portfolio. Wachovia Bank, representing a commercial mortgage-backed securities fund, won a $142.7 million
foreclosure judgment against the hotel in April. The lender bid $94
million at the auction, but that number was topped by Sunstone, which
said it is looking for a company to manage the hotel. Sunstone plans
to begin a comprehensive renovation that could take two years to finish.
[SFBJ] -
The Royal Palm Hotel was sold yesterday for $126.1 million to Sunstone
Hotel Investors. The Aliso Viejo, Calif.-based company now owns the
409-room hotel at 1545 Collins Avenue, one of 31 hotels in its
portfolio. Wachovia Bank, representing a commercial mortgage-backed securities fund, won a $142.7 million
foreclosure judgment against the hotel in April. The lender bid $94
million at the auction, but that number was topped by Sunstone, which
said it is looking for a company to manage the hotel. Sunstone plans
to begin a comprehensive renovation that could take two years to finish.
[SFBJ] -
The Royal Palm Hotel in Miami Beach, on Collins Avenue and 15th Street, is set for auction after its owner lost a foreclosure judgment for nearly $143 million. The plaintiff was Wachovia Bank, acting as special servicer for a Credit Suisse First Boston commercial mortgage-backed security fund. The amount of the note was $108.4 million, and the final judgment included interest and fees. The Royal Palm has been in receivership since March 2009, the date of the filing of the foreclosure action. The hotel will be auctioned May 27. [SFBJ] 2 Comments
