RH's proposal not recommended for One Ocean Drive Miami Beach RFP

RH proposed $150-$170M site improvements, $50M public benefits, $333M minimum rent to the City.
Proposal was not recommended for selection; RH remains willing to engage further.
RH notes ongoing litigation, upcoming elections, and 2.5-year lease left for current operator.
RH's $6M upfront payment was only true upfront payment not credited to future rent.
Annual tax revenues estimated at $1.65M in year one, net positive economic impact near $500M.

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