{"id":1004115222,"date":"2015-03-11T05:39:24","date_gmt":"2015-03-11T13:39:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004115222"},"modified":"2022-12-09T01:20:21","modified_gmt":"2022-12-09T09:20:21","slug":"chesapeake-lodging-buys-hotel-resort-in-south-beach","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chesapeake-lodging-buys-hotel-resort-in-south-beach\/","title":{"rendered":"Chesapeake Lodging Buys Hotel Resort in South Beach"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Royal-Palm.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004115224\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/chesapeake-lodging-buys-hotel-resort-in-south-beach\/royal-palm\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Royal-Palm.jpg\" data-orig-size=\"1615,1076\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Royal Palm\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Royal-Palm.jpg?w=1024\" class=\"alignright size-medium wp-image-1004115224\" alt=\"Royal Palm\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Royal-Palm.jpg\" width=\"300\" height=\"199\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Royal-Palm.jpg 1615w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Royal-Palm.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Royal-Palm.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Royal-Palm.jpg?resize=1024,682 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Royal-Palm.jpg?resize=1536,1023 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/i><\/p>\n<p>Chesapeake Lodging Trust has acquired The James Royal Palm, a 393-key luxury hotel in Miami\u2019s popular South Beach, from KSL Capital Partners, L.L.C. for $278 million.<\/p>\n<p>It\u2019s a deal that has been in the works for a while. In fact, during Chesapeake Lodging Trust\u2019s Fourth Quarter conference call last month, it was announced that it had reached a definitive agreement to purchase the Miami hotel.<\/p>\n<p>\u201cWe are very excited to announce our entrance into the highly desirable Miami South Beach market with the pending acquisition of The James Royal Palm,\u201d James Francis, Chesapeake Lodging Trust\u2019s president &amp; CEO, said during the conference call. \u201cThe Royal Palm, which recently underwent a comprehensive renovation, has an irreplaceable oceanfront location at the intersection of\u00a0Collins Avenue\u00a0and 15th\u00a0Street. We believe the hotel has significant upside potential in both revenue and profitability and we are happy to partner with both HEI Hotels &amp; Resorts, as the new hotel manager, and\u00a0Starwood Hotels &amp; Resorts, as the franchisor, on this project.\u201d<\/p>\n<p>During the call, Francis also discussed that dividends increased during the first quarter of 2015 by 17 percent to $0.35 per common share.<\/p>\n<p>Chesapeake Lodging Trust entered into a new management agreement with HEI Hotels &amp; Resorts to operate the hotel and a new franchise agreement with\u00a0Starwood Hotels &amp; Resorts\u00a0and will now be affiliated with Starwood\u2019s new brand for independent hotels.<\/p>\n<p>Located at Collins Avenue\u00a0and 15th\u00a0Street, in the heart of South Beach, the Royal Palm is considered an iconic Art Deco hotel and includes 164 suites and 141 rooms offering ocean views.<\/p>\n<p>Hotel amenities include a full-service spa, a fitness center, two separate swimming pools, and access to a private Royal Palm beach area with 300 chaise lounges and day beds along with beach side bar services.<\/p>\n<p>KSL had owned the property for nearly four years and helped transform it into one of the preeminent hotels in Miami, thanks to an extensive $50 million renovation and repositioning that was completed in 2012.<\/p>\n<p>The hotel offers nearly 5,700 square feet of dedicated meeting and banquet space throughout six different meeting areas, including its 2,600-square-foot\u00a0Great Room,\u00a0which can accommodate up to 300 guests. There is also an additional 16,000 square feet of flexible outdoor meeting space via multiple patios and decks.<\/p>\n<p>It also boasts numerous food and beverage outlets for guests and visitors spread throughout the resort, including The Florida Cookery, a lobby lounge bar and Byblos, The Royal Palm\u2019s featured restaurant.<\/p>\n<p>\u201cThe hotel is in excellent shape and conveys the contemporary feel of South Beach,\u201d Francis added. \u201cWe will execute upon our business plan that includes minor changes to the product offering, but we anticipate no disruption as we reposition the property.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chesapeake has entered the highly desirable Miami South Beach market with a new purchase.<\/p>\n","protected":false},"author":451,"featured_media":1004115224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,21742],"tags":[],"class_list":["post-1004115222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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