MIAMI BEACH, FL— The 417-room Royal Palm hotel here is now in the hands of partnership that consists of the Falor Companies and the Mitchell Companies. The partnership bought the asset for $127.5 million. Peebles Atlantic Development Corporation, which had previously owned 100% of the hotel, sold the majority interest in the property to Falor and Mitchell. However, PADC has retained a minority ownership interest in the asset. The new owners will now convert 160 of the hotel’s guestrooms into condo-hotel units. Dianna Cheng brokered the sale transaction.
