Brookfield Asset Management secured a $168 million refinance loan for The Diplomat Beach Resort.
Brookfield, through its Thayer Lodging Group subsidiary, closed on the loan from Morgan Stanley, J.P. Morgan and Wells Fargo.
The 1,000-room Diplomat sits at 3555 South Ocean Drive in Hollywood is the second-largest hotel in South Florida, after the Fontainebleau Miami Beach. The property is reportedly on the market for as much as $1 billion, or $1 million per key, according to Bloomberg.
Thayer paid $460 million for the Diplomat 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. It features 10 restaurants, including Monkitail by Michael Schulson.
Thayer Lodging Group is seeking to build a second hotel building with 500 rooms across the street from the property.
Many developers are looking to refinance as interest rates have fallen. Recently, TB Isle Resort LP, led by developer Jeffrey Soffer, received $91 million in financing for the JW Marriott Miami Turnberry Resort & Spa from the Bank of China, boosting its loan to $340 million.