High-end hotel specialist Chesapeake Lodging Trust has agreed to purchase the James Royal Palm for $278 million by the end of the quarter, the company has announced. Originally built in 1939, the hotel now consists of 393 rooms located at 1545 Collins Avenue. The $278 million sales price reflects a per-room price of $707,000. Chesapeake Lodging Trust owns over 20 hotels totaling about 6,100 rooms in eight states and Washington D.C.
