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