Peebles sells portion, not all, of Royal Palm.

Publication: The Miami Herald (Miami, Florida) (via Knight-Ridder/Tribune Business News)

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COPYRIGHT 2005 The Miami Herald

Byline: Douglas Hanks III

Feb. 22--The long-awaited sale of the Royal Palm hotel concluded with a twist Monday: Owner R. Donahue Peebles isn't parting ways with the South Beach resort after all.

Instead, the Coral Gables developer will join buyer The Falor Cos. as a partner in the 417-room hotel and retain a "substantial" ownership stake in the property.

"I'm pleased to be a part of the hotel's new direction," Peebles said in a news release issued by Falor. Peebles and Falor executives were not available for interviews.

No one...

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