Park Hotels & Resorts Inc. Completes the Transformative Renovation of the Iconic Royal Palm South Beach Miami Hotel
Park Hotels & Resorts Inc. ("Park") (NYSE:PK) today announced the reopening of the Royal Palm South Beach Miami, a Tribute Portfolio Resort ("Royal Palm"), following the completion of the iconic oceanfront resort’s more than $100 million comprehensive renovation.
"Our investment in the Royal Palm reflects Park's disciplined approach to capital allocation and our ability to create meaningful long-term shareholder value through high-return redevelopment projects," said Thomas J. Baltimore, Jr., Chairman and Chief Executive Officer of Park. "Miami remains one of the strongest lodging markets in the country, and we expect this investment to nearly double the hotel’s EBITDA upon stabilization. Since 2018, we have invested over $430 million in ROI-driven projects across our core portfolio, consistently generating returns in excess of 15% to 20% once projects stabilize and driving significant EBITDA growth. Royal Palm is another compelling example of how we are unlocking embedded value while enhancing the quality and long-term earnings growth of our portfolio."
Located on Collins Avenue in the heart of Miami Beach's historic Art Deco District, Royal Palm blends its celebrated heritage with a completely reimagined guest experience. The reopened property features 404 fully renovated guestrooms and suites, including the addition of 11 new guestrooms, across the East and West towers and Lanai bungalow, as well as a redesigned lobby and arrival experience, four new food and beverage concepts, refreshed indoor and outdoor public spaces, an enhanced pool, enhanced beachfront amenities, and modernized and expanded meeting and event facilities spanning approximately 20,000 square feet.
The reopening represents another milestone in Park's investment strategy that is focused on enhancing the quality and earnings power of its core portfolio. In addition to Royal Palm, Park has completed transformative redevelopment projects at the Bonnet Creek complex in Orlando, Casa Marina and The Reach in Key West, and the Hilton Santa Barbara Beachfront Resort, while also significantly elevating the guestroom product at the Hilton Hawaiian Village, Hilton Waikoloa Village and the Hilton New Orleans Riverside.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements related to Park’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, including the completion of capital allocation priorities and expected returns on such projects, the expected repurchase of Park’s stock, the impact from macroeconomic factors (including elevated inflation and interest rates, potential economic slowdown or a recession and geopolitical conflicts or trends, including trade policy, travel barriers or changes in travel preferences for U.S. destinations, including as a result of government and agency shutdowns), the effects of competition and the effects of future legislation, executive action or regulations, tariffs, the expected completion of anticipated dispositions, including of Park’s non-core hotels, and the declaration, payment and any change in amounts of future dividends and other non-historical statements. Forward-looking statements include all statements that are not historical facts, and in some cases, can be identified by the use of forward-looking terminology such as the words "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," "hopes" or the negative version of these words or other comparable words. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Park’s control and which could materially affect its results of operations, financial condition, cash flows, performance or future achievements or events.
All such forward-looking statements are based on current expectations of management and therefore involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in these forward-looking statements. You should not put undue reliance on any forward-looking statements and Park urges investors to carefully review the disclosures Park makes concerning risk and uncertainties in Item 1A: "Risk Factors" in Park’s Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in Park’s filings with the Securities and Exchange Commission ("SEC"), which are accessible on the SEC’s website at www.sec.gov. Except as required by law, Park undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
About Park Hotels & Resorts
Park is one of the largest publicly-traded lodging real estate investment trusts with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value. Park’s portfolio currently consists of 30 premium-branded hotels and resorts with over 21,000 rooms located in prime city center and resort locations. Visit www.pkhotelsandresorts.com for more information.
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For more information, contact:
Ian Weissman
Senior Vice President, Corporate Strategy
571-302-5591
iweissman@pkhotelsandresorts.com