1655-2 African American/Blacks k-;-1 7-/306 Li --
•ROYAL PALM RESORT
PEEBLES CONFIRMS
SALE OF PROPERTY
R.Donahue Peebles con-
firmed Monday he has
signed a contract to sell his
Royal Palm Crowne Plaza
Resort for$127.5 million to a
Chicago-based company
that is converting five other
Miami-area hotels into con-
do-hotel properties.The
sale is slated to close in late
January,but Peebles first
must close a deal with
Miami Beach to allow con-
version of 160 Royal Palm
rooms into condo-hotel
units.The city bought the
hotel's oceanfront site in
South Beach and contrib-
uted$10 million to the
development deal,which
Peebles would pay back in
the sale.
•