Miami's Royal Palm to Convert to Condo-Hotel
MIAMI BEACH, FL, May 08, 2006. The Royal Palm Resort, an Art Deco landmark hotel on South Beach, is going condo-hotel.
The Falor Cos., a Chicago-based hospitality firm that is a major player in the repositioning and conversion of traditional hotels to condominium-hotels, has joined forces with The Mitchell Cos., a local commercial property company, to convert the Royal Palm Resort.
The two firms, which purchased the resort from Peebles Atlantic Development Corp. in February, plan to invest $17.5 million in the project above the purchase price of $127.5 million to renovate all of the 417 existing hotel rooms, the restaurant, bar and pool area and to add a spa and lounge, said Robert Falor, CEO of The Falor Cos.
The resort is located here at 1545 Collins Ave. and consists of three buildings ranging in height from three to 17 stories. Of the 417 existing rooms, 130 will be sold as condo-hotel units ranging in size from 273 square feet to 1,151 square feet. These will be priced from $400,000. Also there will be 35 poolside bungalows for sale. These will range from 451 square feet to 466 square feet and will be priced from $600,000. The remaining 252 hotel rooms will be retained by the developer and used as traditional hotel rooms.
Falor said that The West Paces Hotel Group LLC, an Atlanta-based company founded by Horst Schulze, the former president of The Ritz-Carlton Hotel Co. LLC, will manage the Royal Palm Resort.
The Royal Palm's residences will feature private terraces; baths with rose wood vanities, limestone counters and LCD television sets; hardwood floors; plasma TVs; iPod docking stations; satellite radio; and a fully stocked pantry and wine bar.
Amenities will include the first-ever Maxim Lounge, a collaboration between Maxim magazine and nightlife impresario Rande Gerber; a luxury spa by Sonya Dakar; a contemporary fusion-cuisine restaurant; pool areas designed by Gerber and Charles Infante, including an elevated VIP pool; a beachfront infinity-edge pool; and concierge and valet service.
Condo-hotel unit purchasers will have access to the facilities and services of the hotel.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
