Sunstone Acquires Miami’s Royal Palm

 MIAMI BEACH, FL–Sunstone Hotel Investors has acquired the 409-room Royal Palm Hotel here at a foreclosure auction.

The purchase price was $126.1 million. Prior to the auction, however, Sunstone purchased a portion of the outstanding debt at a discount, resulting in a purchase price of $117 million.

Jones Lang LaSalle Hotels represented the court-appointed receiver.