Park Hotels & Resorts Inc. has reopened the Royal Palm South Beach Miami, a Tribute Portfolio Resort, following the completion of the oceanfront resort’s more than $100 million comprehensive renovation.
“Our investment in the Royal Palm reflects Park’s disciplined approach to capital allocation and our ability to create meaningful long-term shareholder value through high-return redevelopment projects,” said Thomas J. Baltimore Jr., chairman/CEO, Park Hotels & Resorts Inc. “Miami remains one of the strongest lodging markets in the country, and we expect this investment to nearly double the hotel’s EBITDA upon stabilization. Since 2018, we have invested more than $430 million in ROI-driven projects across our core portfolio, consistently generating returns in excess of 15% to 20% once projects stabilize and driving significant EBITDA growth. Royal Palm is another compelling example of how we are unlocking embedded value while enhancing the quality and long-term earnings growth of our portfolio.”
Located on Collins Avenue in Miami Beach’s Art Deco District, Royal Palm features 404 fully renovated guestrooms and suites, including the addition of 11 new guestrooms, across the East and West towers and Lanai bungalow, as well as a redesigned lobby and arrival experience, four new food and beverage concepts, refreshed indoor and outdoor public spaces, an enhanced pool, enhanced beachfront amenities and modernized and expanded meeting and event facilities spanning approximately 20,000 sq. ft.
In addition to Royal Palm, Park has completed transformative redevelopment projects at the Bonnet Creek complex in Orlando, Casa Marina and The Reach in Key West and the Hilton Santa Barbara Beachfront Resort, while also significantly elevating the guestroom product at the Hilton Hawaiian Village, Hilton Waikoloa Village and the Hilton New Orleans Riverside.
