India, July 23 -- Park Hotels & Resorts Inc. announced the reopening of the Royal Palm South Beach Miami, a Tribute Portfolio Resort ("Royal Palm"), following the completion of the iconic oceanfront resort's more than $100 million comprehensive renovation.
Royal Palm South Beach Miami Reopens
- Investment: Over $100 million comprehensive renovation.
- Location: Collins Avenue, Miami Beach's historic Art Deco District.
- Scale: 404 fully renovated guestrooms and suites (including 11 new), redesigned lobby, four new F&B concepts, refreshed public spaces, enhanced pool & beachfront amenities, and ~20,000 sq. ft. of modernized meeting/event facilities.
Strategic Impact
- Park expects the project to nearly double EBITDA once stabilized.
- Since 2018, Park has invested $430M+ in ROI-driven redevelopments, consistently generating 15-20% returns post-stabilization.
- Royal Palm joins other transformative projects at Bonnet Creek (Orlando), Casa Marina & The Reach (Key West), Hilton Santa Barbara, Hilton Hawaiian Village, Hilton Waikoloa Village, and Hilton New Orleans Riverside.
CEO's Perspective
Thomas J. Baltimore, Jr. emphasized that this redevelopment reflects.....
Published by HT Digital Content Services with permission from Travel Media.