Royal Palm in Miami Beach to become first Starwood Tribute brand

Chesapeake Lodging Trust paid $278M for 393-room oceanfront hotel

Apr.April 17, 2015 02:15 PM

Adam Aron of Starwood and the Royal Palm South Beach

The Royal Palm South Beach hotel will reportedly become Starwood’s first Tribute hotel.

Starwood Hotels & Resorts Worldwide will spend $20 million to launch the portfolio, the Wall Street Journal reported. The company is aiming to have 100 independent properties join Tribute by 2020.

The hotels “will get a powerful distribution network but get to remain independent,” Adam Aron, Starwood’s interim chief executive, told the newspaper.

Chesapeake Lodging Trust, a real estate investment trust focused on high-end hotels, announced the acquisition of the former James Royal Palm for $278 million in February.

The $278 million acquisition means that the 393-room oceanfront hotel at 1545 Collins Avenue sold for more than $707,000 per room.

Don Peebles, who made an “aggressive” offer when the James was being marketed for sale, redeveloped the Miami Beach hotel and later sold it in 2005. [Wall Street Journal]Katherine Kallergis

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