Park Hotels reopens Royal Palm South Beach after $100M renovation

Park Hotels & Resorts Inc. (NYSE: PK) has announced the reopening of the Royal Palm South Beach Miami, a Tribute Portfolio Resort, following a renovation exceeding $100 million.

The property, located on Collins Avenue in Miami Beach's Art Deco District, now features 404 renovated guestrooms and suites, including 11 newly added rooms across its East and West towers and Lanai bungalow. The renovation also added four food and beverage concepts, refreshed public spaces, an enhanced pool and beachfront amenities, and approximately 20,000 square feet of meeting and event facilities.

Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park, said the company expects the investment to "nearly double the hotel's EBITDA upon stabilization." Baltimore added that since 2018, Park has invested over $430 million in return-on-investment projects across its portfolio, "consistently generating returns in excess of 15% to 20% once projects stabilize."

Park stated that previous redevelopment projects were completed at the Bonnet Creek complex in Orlando, Casa Marina and The Reach in Key West, and the Hilton Santa Barbara Beachfront Resort, along with guestroom upgrades at the Hilton Hawaiian Village, Hilton Waikoloa Village, and the Hilton New Orleans Riverside.

Park Hotels & Resorts describes itself as one of the largest publicly traded lodging real estate investment trusts, with a portfolio of 30 hotels and resorts totaling over 21,000 rooms.

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