The Real Deal Miami

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
January 09, 2019 05:15PM

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.

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