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Peebles walks away from Royal Palm

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Developer R. Donahue Peebles has walked away from the Royal Palm hotel after a court took over the 417-room property. Peebles, who waged a long legal fight to retain control of the hotel despite developers Robert Falor and partner Guy Mitchell’s plan to leverage the property for a string of ambitious condo-hotel developments, said there was no alternative because lenders refused to forgive a portion of the $180 million debt the owners had incurred. The Royal Palm is likely worth far less than its debt. [Miami Herald]