M&A Deal Summary

Chesapeake Lodging Trust Acquires Royal Palm South Beach Miami

On March 9, 2015, Chesapeake Lodging Trust acquired leisure company Royal Palm South Beach Miami from KSL Capital Partners

Acquisition Highlights
  • This is Chesapeake Lodging Trust’s 2nd transaction in the Leisure sector.
  • This is Chesapeake Lodging Trust’s 6th transaction in the United States.
  • This is Chesapeake Lodging Trust’s 2nd transaction in Florida.

M&A Deal Summary
Date 2015-03-09
Target Royal Palm South Beach Miami
Sector Leisure
Buyer(s) Chesapeake Lodging Trust
Sellers(s) KSL Capital Partners
Deal Type Add-on Acquisition

Target

Royal Palm South Beach Miami

Miami Beach, Florida, United States
Royal Palm South Beach Miami is an oceanfront oasis ideally located on Collins Avenue steps from Ocean Drive. Royal Palm South Beach Miami offers hotel guests superb resort amenities, including two pools, direct beach access, and an assortment of restaurants. Royal Palm South Beach Miami was founded in 1939 and is based in Miami Beach, Florida.

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Buyer(S) 1

Buyer

Chesapeake Lodging Trust

Annapolis, Maryland, United States
Category Company
Founded 2009
Sector Real Estate
Employees13
Revenue 597M USD (2018)
DESCRIPTION

Chesapeake Lodging Trust is a self-advised lodging real estate investment trust (REIT) focused on investments primarily in upper-upscale hotels in major business and convention markets and, on a selective basis, premium select-service hotels in urban settings or unique locations in the United States. Chesapeake Lodging Trust was founded in 2009 and is based in Annapolis, Maryland.

DEAL STATS #
Overall 6 of 6
Sector (Leisure) 2 of 2
Type (Add-on Acquisition) 2 of 2
State (Florida) 2 of 2
Country (United States) 6 of 6
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-09 The Royal Palm

Miami, Florida, United States

The Royal Palm is a 410-room beachfront hotel located in Miami Beach, Florida in the heart of South Beach, one of the most desirable lodging markets in the United States. The Hotel is ideally located on Collins Avenue between 15th and 16th Streets, within very close proximity of the most popular South Beach tourist attractions, including the Lincoln Road shopping district, historic Ocean Drive, and the Miami Beach Convention Center. The Royal Palm is managed by the Denihan Hospitality Group and is in the process of being renovated to the standards of a luxury boutique hotel. Upon completion, which is scheduled for late 2012, the hotel will be rebranded The James Royal Palm.

Buy $278M

Seller(S) 1

SELLER

KSL Capital Partners

Denver, Colorado, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 18.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

KSL Capital Partners LLC is a specialist private equity firm that makes investments in travel and leisure businesses. Areas of interest include hospitality, recreation, clubs, real estate and travel services. KSL is a hands-on investor, with a strong interest in pursuing under-managed or under-capitalized businesses where the firm can unlock hidden value. KSL Capital Partners is the successor investment vehicle to KSL Recreation Corporation, a former portfolio company of KKR. KSL Capital Partners LLC was founded in 2005 and is based at Denver, Colorado with additional offices in New York, New York and London, United Kingdom.

DEAL STATS #
Overall 11 of 19
Sector (Leisure) 11 of 19
Type (Add-on Acquisition) 9 of 13
State (Florida) 2 of 3
Country (United States) 10 of 16
Year (2015) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-09 The Royal Palm

Miami, Florida, United States

The Royal Palm is a 410-room beachfront hotel located in Miami Beach, Florida in the heart of South Beach, one of the most desirable lodging markets in the United States. The Hotel is ideally located on Collins Avenue between 15th and 16th Streets, within very close proximity of the most popular South Beach tourist attractions, including the Lincoln Road shopping district, historic Ocean Drive, and the Miami Beach Convention Center. The Royal Palm is managed by the Denihan Hospitality Group and is in the process of being renovated to the standards of a luxury boutique hotel. Upon completion, which is scheduled for late 2012, the hotel will be rebranded The James Royal Palm.

Sell $278M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-12 Great Wolf Resorts

Chicago, Illinois, United States

Great Wolf Resorts provides safe and immersive entertainment experiences for families in all seasons and all weather conditions across 18 resorts, or “lodges”, in the United States and Canada. Every Great Wolf lodge contains a full-service hotel, expansive indoor waterpark, recreational activities including game rooms, ropes courses, and family bowling alleys, various food & beverage offerings, and themed experiences with proprietary characters unique to Great Wolf. Great Wolf Resorts was founded in 1992 and is based in Chicago, Illinois.

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