Westin Diplomat trades in $535.5M transaction

Westin Diplomat Resort & Spa
Westin Diplomat Resort & Spa

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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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