One of South Florida’s largest resorts just hit the market, asking as much as $1B

Brookfield completed a $100M renovation of the Diplomat Beach Resort in 2017

Diplomat Beach Resort in Hollywood (Credit: Agoda)
Diplomat Beach Resort in Hollywood (Credit: Agoda)

Brookfield Asset Management is looking to sell the Diplomat Beach Resort in Hollywood, the largest resort in Broward County and the second-largest in South Florida after the Fontainebleau Miami Beach. And the asking price is reportedly as much as $1 billion, or $1 million per key.

Brookfield subsidiary Thayer Lodging Group hired Newmark Knight Frank and Hodges Ward Elliott to market the 1,000-room resort, according to Bloomberg.

Thayer paid $460 million for the property in 2014. Shortly after the sale, the former Westin hotel was rebranded to Curio, a Hilton Worldwide Holdings brand. In April 2017, Brookfield completed a $100 million renovation of the beachfront property, which has 96 suites, 515 king rooms, 484 double rooms, and more than 200,000 square feet of meeting and event space.

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The hotel sits between the Atlantic Ocean and Intracoastal Waterway, and features 10 restaurants, including Monkitail by Michael Schulson.

In South Florida, Brookfield, a Toronto-based global asset manager with more than $285 billion in assets under management, also owns the Hilton Fort Lauderdale Marina, the third-largest hotel in Broward. Thayer paid $170.6 million, or about $290,000 per key, for the Hilton in June.

It also recently acquired the PGA National Resort & Spa in Palm Beach Gardens for nearly $218 million. [Bloomberg]  – Katherine Kallergis