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Peebles Sells Royal Palm for Record $127.5 Million.
Business Wire
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December 6, 2004
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COPYRIGHT 2004 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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MIAMI BEACH, Fla. -- R. Donahue Peebles, president and CEO of Peebles Atlantic Development Corporation (PADC), announced today the sale of The Royal Palm Hotel for $127.5 million to The Falor Companies, a Miami and Chicago-based hospitality company. The purchase agreement was finalized Friday and becomes one of the most lucrative deals in Miami Beach's history, according to a recent report in The Miami Herald, which references the price as the highest ever paid for a Miami Beach hotel.
Peebles won the rights to develop the historic South Beach hotel in 1996 and made ...
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