Park Hotels & Resorts Inc. (NYSE:PK) reopened the Royal Palm South Beach Miami resort following a comprehensive renovation. The oceanfront project in Miami Beach's Art Deco District cost more than $100 million.
The property now features 404 fully updated guest rooms and suites, including 11 newly constructed rooms. The overhaul added a redesigned lobby and four new food and beverage outlets. Upgrades also included refreshed public areas, enhanced pool and beachfront amenities, and expanded meeting facilities.
Park expects this investment to nearly double the hotel's stabilized EBITDA. The company currently holds a Zacks Rank #2 (Buy) and a Value grade of A. Analysts noted that rising labor and capital costs remain potential pressures for the firm.