Lenders fighting over fate of troubled South Beach hotel
A court has taken over the Royal Palm a South Beach hotel, believed to be worth far less than its debt, an owner said Friday.
Minority owner and developer R. Donahue Peebles walked away from the 417 room South Beach hotel, which he built on city owned land in the late 1990s. Caught up in the crumple of the condominium market and the exploits of fallen condo-hotel king Robert Falor, the Royal Palm spent the decade as South Beach's longest-running hotel drama.
Now with Peebles gone the hotel's two lenders, Wachovia and BlackRock are fighting over the Royal Palm's fate.
Full Article...South Beach Hotels, South Beach Real Estate
1 comment:
I haven't heard so much of this property but it was a very nice one!
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