The Royal Palm, a Miami Beach hotel located at 1545 Collins Avenue, was bought for $126.1 million by Sunstone Hotel Investors at a Miami foreclosure auction on Monday. The company, based in California, now owns 31 hotels with 11,722 rooms, including the 409 rooms at the Royal Palm. The Royal Palm was the first Miami Beach hotel to be owned by an African American almost 20 years ago. Developer Guy Mitchell lost it now to Miami foreclosure.Full Article...Royal Palm Hotel auctioned for $126M
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