Westin Diplomat trades in $535.5M transaction

Maryland's Thayer Lodging Group buys hotel, golf course and nearby land

Aug.August 29, 2014 09:45 AM

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

Related Articles

BTI Partners CEO Noah Breakstone and the property

BTI Partners pays $16M for downtown Hollywood site of major mixed-use project

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

A conceptual rendering and Lon Tabatchnick

Margaritaville developer plans another Hollywood hotel despite opposition

Orangebrook Mobile Home Estates and Carlyle Group co-CEOs Kewsong Lee and Glenn A. Youngkin (Credit: Google Maps, Carlyle Group)

Private equity giant scoops up mobile home park in Hollywood

From left: James Grage, Matthew Elliott, and Marc Hameroff, with the home

Fitness expert wants to shed his Hollywood home via auction

Daily Digest Miami

Project with downtown Miami’s first brewery moves forward, startup aims to institutionalize investing in Miami condos: Daily digest

Luna at Hollywood, Peter Mekras of Aztec Group

Luna at Hollywood sells for $19M in bulk condo deal

Jeffrey Soffer and the Diplomat Beach Resort (Credit: Getty Images)

Jeffrey Soffer in talks to buy 1,000-room Diplomat Beach Resort for under $1B: report