KSL Capital Partners has acquired The Royal Palm Hotel in South Beach, Miami, US, for $130m from an affiliate of Sunstone Hotel Investors.
KSL plans to renovate and reposition the hotel under The James brand, renaming it The James Royal Palm.
The renovation includes improvements to the guestrooms, baths and public areas, along with the addition of new restaurants, a spa, outdoor spaces and furnishings.
The hotel features 409 rooms, comprising 133 suites and ten oceanfront two-bedroom suites, 929m² of meeting space, a beachfront restaurant, a fitness centre, a poolside bar and a lounge.
The hotel was opened in 1939 and underwent a renovation in 2002, which added two towers and increased the number of rooms.