Brookfield’s Hollywood Diplomat scores $168M refi

Morgan Stanley, J.P. Morgan and Wells Fargo are the lenders

TRD MIAMI /
Sep.September 20, 2019 10:30 AM
Diplomat Beach Resort at at 3555 South Ocean Drive

Diplomat Beach Resort at at 3555 South Ocean Drive

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.


Related Articles

arrow_forward_ios
Brookfield Property Group’s Brian Kingston and 3400 Northwest 74th Avenue (Credit: Google Maps)

Brookfield picks up more industrial properties near MIA for $83M

Jeffrey Soffer and the Diplomat Beach Resort (Credit: Getty Images)

Jeffrey Soffer in talks to buy 1,000-room Diplomat Beach Resort for under $1B: report

Left to right: Debbie Orshefsky, Seth Bour, Vivian Dimond, Peter Flint, Tim Wheat and Chip Abele

Hollywood attracts developers but lacks new office space: panel

7500 Northwest 35th Terrace and Brookfield Asset Management CEO Bruce Flatt

Brookfield affiliate picks up tire distribution center for $20M

Moses Bensusan and Costa Hollywood Resort (Credit: Wikipedia)

Embattled Costa Hollywood Resort files for bankruptcy

Daily Digest Miami

Landmark bank in downtown Hollywood could be torn down for rentals, Miami-Dade approves $300M cruise terminal: Daily digest

Publix plans to build and open a grocery store in Hollywood (Credit: Getty Images, Pixabay)

Boaters, rejoice: Waterfront Publix with boat access moves forward

Construction of downtown Hollywood high-rise may start soon

arrow_forward_ios