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Park Hotels & Resorts Inc. Completes the Transformative Renovation of the Iconic Royal Palm South Beach Miami Hotel

PK
  • Park Hotels & Resorts Inc. announced the reopening of the Royal Palm South Beach Miami after completing a comprehensive renovation exceeding $100 million.
  • The project is expected to nearly double the hotel's EBITDA once stabilized, continuing Park's strategy of generating returns between 15% to 20% on redevelopment projects since 2018.
  • The renovated property features 404 fully updated guestrooms & suites, including 11 new rooms, a redesigned lobby, four new food & beverage concepts, enhanced pool & beachfront amenities, & 20,000 square feet of meeting space.
  • This reopening marks another milestone in Park's investment strategy, following similar transformative projects at Bonnet Creek, Casa Marina, The Reach, Hilton Santa Barbara, Hilton Hawaiian Village, Hilton Waikoloa Village, & Hilton New Orleans Riverside.
  • Park currently operates a portfolio of 30 premium-branded hotels & resorts with over 21,000 rooms in prime locations.
  • The press release includes standard forward-looking statements regarding future performance, capital allocation, & potential risks from macroeconomic factors, competition, & regulations.