Trending
![KeyBank sued over derailed $122M deal for Skims-leased Hollywood offices](https://static.therealdeal.com/wp-content/uploads/2024/07/Kingsbarn-sues-over-derailed-122M-deal-for-Skims-leased-Hollywood-offices_Main-150x94.jpg)
![“Not even distressed” rent-stabilized property sells for peanuts](https://static.therealdeal.com/wp-content/uploads/2024/07/ft_NY_Inwood-Rent-Stabilized-Sale-1-150x106.png)
![Fifth Avenue office tower owned by Mexican banking scion heads to special servicing](https://static.therealdeal.com/wp-content/uploads/2024/07/Fifth-Avenue-office-tower-owned-by-Mexican-banking-scion-heads-to-special-servicing-f-150x106.jpg)
![Tatiana Pino now owns Century Homebuilders after Sergio Pino’s death, her attorney says](https://static.therealdeal.com/wp-content/uploads/2024/07/ft_MIA_Tatiana-Pino-Century-Builders-Group-150x106.png)
Westin Diplomat trades in $535.5M transaction
![Westin Diplomat Resort & Spa](https://static.therealdeal.com/wp-content/uploads/2014/08/diplomat.gif)
In one of the most expensive real estate deals in South Florida history, Hollywood’s Westin Diplomat Resort & Spa changed hands for $460 million as part of a $535.5 million transaction.
A company tied to Annapolis, Md.-based private equity firm Thayer Lodging Group acquired the 1,000-room resort at 3555 South Ocean Drive in a transaction recorded on Thursday, according to Broward County records. Other companies linked to Thayer paid $20 million for a nearby golf course and $55.5 million for numerous vacant properties at the Westin Diplomat site.
Wells Fargo Bank gave Thayer a $260 million loan for the acquisition.
The seller is Diplomat Properties L.P. The company is tied to United Association, a large union of plumbers, pipefitters, welders and related professionals.
United acquired the Westin Diplomat site in 1997 and hired Coral Gables-based architecture firm Nichols Brosch Sandoval & Associates to design a new hotel, convention center and retail complex, according to the Westin’s website. The original hotel was razed in 1998. The Nichols Brosch-designed resort opened two years later. — Eric Kalis