RP Hotel Operating Co., an affiliate of Denver-based KSL Capital Partners, secured a $130 million mortgage from Wells Fargo Bank for the James Royal Palm Hotel on South Beach, reports South Florida Business Journal.
The 407-room hotel has been extensively renovated in addition to the rebranding.
The James Royal Palm Hotel, formerly known as the Royal Palm, was purchased out of a foreclosure auction in early 2011 after the previous owner defaulted on a $108.4 million mortgage. The affiliate of KSL bought it for $130 million in August 2011, with help from $90 million in seller financing.
The new mortgage matures on June 11, 2016, and has a variable interest rate.