Park Hotels & Resorts has reopened the Royal Palm South Beach Miami, a Tribute Portfolio Resort, following the completion of a more than $100 million renovation.
The renovated Florida resort has 404 guestrooms and suites, including the addition of 11 new rooms, across the East and West towers and the Lanai bungalow. The project also included a redesigned lobby and arrival experience, four new food-and-beverage outlets, updated indoor and outdoor public spaces, enhanced pool and beachfront amenities and expanded meeting and event space totaling approximately 20,000 sq.-feet.
Located on Collins Avenue in Miami Beach's Art Deco District, the Royal Palm joins several other redevelopment projects completed by the company in recent years. Thomas Baltimore Jr., chairman and CEO of Park Hotels & Resorts, noted that Park Hotels & Resorts has invested more than $430 million in redevelopment projects across its portfolio since 2018, citing the Royal Palm renovation as part of the company's strategy to improve asset quality and long-term earnings.
Other projects include renovations at the Bonnet Creek complex in Orlando; Casa Marina and The Reach in Key West; and Hilton Santa Barbara Beachfront Resort. The Tysons, Va.-based REIT has also executed guestroom upgrades at Hilton Hawaiian Village, Hilton Waikoloa Village and Hilton New Orleans Riverside.
“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,” Baltimore Jr. said in a statement. “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.”