The Real Deal Miami

Fort Lauderdale Westin to sell for $149M

Maryland REIT DiamondRock has deal in place to buy 432-room resort

November 21, 2014 09:45AM

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Westin Beach Resort & Spa

Westin Beach Resort & Spa

Another South Florida Westin is about to change hands in an expensive deal.

Maryland real estate investment trust DiamondRock Hospitality announced it has a deal in place to acquire Fort Lauderdale’s Westin Beach Resort & Spa for $149 million. The transaction is set to close next month. The 432-room Westin will join DiamondRock’s portfolio of 27 hotels totaling 11,000 rooms.

“The Westin Beach Resort & Spa, Fort Lauderdale represents a rare opportunity to acquire prime beachfront property in Southern Florida, a [high revenue], high-growth market, DiamondRock president Mark Brugger said, as cited by the South Florida Business Journal.

Another Maryland REIT, Pebblebrook Hotel Trust, paid $59 million for the Westin Colonnade Coral Gables earlier this month. In August, the former Westin Diplomat Resort & Spa in Hollywood traded in a $535.5 million deal. That was one of the most expensive real estate transactions in South Florida history. [South Florida Business Journal]Eric Kalis

  • TMB

    Westin is mispelled in the headline

  • David Lohr

    Rite-Aid (RAD) is ready to go national. Rousell Interests buying in as reported by
    Peter katz

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