1616-38 MIA Herald N.Y.hotelier- Royal Palm Crown Plaza Resort TOURISM iri4 $1 11ott
N.Y.
hotelier seeks to take over resort
0 William S.Achenbaum,the tried to sell the financing to pay off the mortgage.
owner of a boutique loan last month "It would never go to a foreclo-
Manhattan hotel,said he is to William S. sure.The property is underlever-
eager to acquire R.Donahue Achenbaum, the ; ;'" aged,"said Hoffman,of Hunton&
Peebles'Royal Palm Crown owner of a bou- Williams in Miami. He said the
tique Manhattan Royal Palm has never missed a
Plaza Resort oceanfront monthlypayment on the location in South Beach. hotel who said p y
interest-
he is eager to ``.l only loan.
BY DOUGLAS HANKS Ill take over the PEEBLES If successful,Achenbaum's bid
dhanks@herald.com Royal Palm's for Miami Beach's fourth-largest
A New York hotelier has oceanfront location in South hotel would remove Peebles
lled s fromim
signed a contract to buy the $54 Beach. project p p
to
million mortgage on the Royal Achenbaum's attempted pur- prominence in South Florida eight
Palm Crowne Plaza Resort,and he chase of the Royal Palm mortgage years ago and that remains the
said he hopes either to foreclose is now tied up in court,and Pee- high-profile centerpiece of his real
on the Miami Beach hotel or force bles lawyer Stuart Hoffman said estate holdings.
a sale of the business. his client is confident Union Miami Beach picked Peebles to
The mortgage came due Satur- Planters will continue extending build the hotel on city-owned land
day, and the hotel's owner, R. the loan.Should Achenbaum suc- on a minority set-aside contract,
Donahue Peebles, is negotiating ceed in buying the note,Hoffman and the Royal Palm deal was cele-
with Union Planters Bank to said the 417-room Royal Palm is brated as the country's first major
extend the loan, his lawyer said worth enough that Peebles would
Thursday. Union Planters had have little trouble obtaining 'TURN TO ROYAL PALM,4C