KSL Capital Partners LLC has sold Miami Beach-based The James Royal Palm resort to Chesapeake Lodging Trust for $278 million. KSL originally acquired the Royal Palm in 2011.
DENVER–(BUSINESS WIRE)–KSL Capital Partners, LLC (KSL) announces that an affiliate of KSL has sold The James Royal Palm resort in South Beach, Fla. to Chesapeake Lodging Trust (NYSE:CHSP) for a purchase price of $278 million, or approximately $707,000 per key. KSL is a U.S. private equity firm dedicated to investing in travel and leisure businesses.
“We are grateful to have been a part of the long history of The James Royal Palm,” said Bernie Siegel, a principal of KSL. “For nearly four years, we were able to transform it into one of the preeminent hotels in Miami, thanks in large part to the tireless efforts of the Royal Palm staff.”
KSL originally acquired the Royal Palm in 2011 and completed an extensive renovation and repositioning of the storied property in 2011 and 2012. The fully renovated property was reintroduced to the market in December 2012.
ABOUT KSL CAPITAL PARTNERS, LLC
KSL is a private equity firm specializing in travel and leisure enterprises in five primary sectors: hospitality, recreation, clubs, real estate and travel services. KSL has offices in London; Denver, Colo.; and Stamford, Conn. Since 2006, KSL has completed more than 30 investments in the travel and leisure industry, with an aggregate transaction value in excess of five billion dollars. KSL’s current portfolio includes some of the premier properties in travel and leisure. In the United States, KSL owns a majority interest in the Miraval Group, the owner and operator of luxury spa and wellness properties, and the St. Regis Monarch Beach in Dana Point, Calif. KSL also owns premier recreation businesses, including Squaw Valley and Alpine Meadows, two of the leading ski resorts in North America, and is the majority owner of ClubCorp, one of the world’s largest owners of private golf and business clubs. In the United Kingdom, KSL owns The Belfry in the West Midlands, the Malmaison and Hotel du Vin hospitality chains and the Village Urban Resort chain. For more information, please visit www.kslcapital.com.