A new article from the South-Florida Sun Sentinel...
Landmark to become hotel-condo
Published May 8, 2006
Robin Friedman
Certain segments of South Florida's housing market may have slowed -- preconstruction condominiums and condo conversions, for example -- but the hotel-condominium craze lives on. Developers here continue to build new hotel-condominium projects as well as convert existing hotels. Now the Royal Palm Resort, an Art Deco landmark hotel on South Beach in Miami, is going hotel-condo.
The Falor Cos., a Chicago-based hospitality firm that is a major player in the repositioning and conversion of traditional hotels to hotel-condominiums, has joined forces with The Mitchell Cos., a Miami-based commercial property company, to convert the Royal Palm Resort.
The two firms, which purchased the resort from Peebles Atlantic Development Corp. in February 2005, 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, chief executive officer of The Falor Cos.
The resort is located at 1545 Collins Ave. in Miami Beach. It consists of three buildings ranging in height from three to 17 stories. Of the 417 existing rooms, 130 will be sold as hotel-condominium units ranging in size from 273 to 1,151 square feet. These will be priced from the $400,000s. Also there will be 35 poolside bungalows for sale. These will range from 451 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. MORE...
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