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

Brookfield recently scored a $168M refi from Morgan Stanley, JP Morgan and Wells Fargo

Miami /
Oct.October 07, 2019 05:30 PM
Jeffrey Soffer and the Diplomat Beach Resort (Credit: Getty Images)

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

Brookfield Asset Management is in talks to sell its 1,000-room resort in Hollywood to developer Jeffrey Soffer in a deal that would value the property at under $1 billion.

Brookfield subsidiary Thayer Lodging Group owns the Diplomat Beach Resort at 3555 South Ocean Drive. Bloomberg reported that Soffer is looking to acquire the property, which would give him control of the second largest hotel in South Florida. Soffer already owns the Fontainebleau Miami Beach, the biggest hotel by room count in the tri-county region.

The Brookfield subsidiary recently refinanced the Diplomat hotel with a $168 million loan from Morgan Stanley, J.P. Morgan and Wells Fargo. The resort hit the market earlier this year and was expected to trade for up to $1 billion, or $1 million a key.

A Newmark Knight Frank team led by Larry Wolfe brokered the deal.

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, Toronto-based 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.

Soffer launched Fontainebleau Development in March after splitting up interests in Turnberry Associates with his sister, Jackie Soffer. [Bloomberg]Katherine Kallergis


Related Articles

arrow_forward_ios
TPG CEO Jon Winkelried with AC Hotel Miami Midtown at 3400 Biscayne Boulevard and the next-door Hampton Inn & Suites at 3450 Biscayne Boulevard (Hilton, Google Maps)
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
Why buy one when you can take two? TPG nabs Miami AC Marriott, Hampton Inn in Edgewater for $61M
The Clevelander South Beach (Getty)
Clevelander wins lawsuit against Miami Beach over alcohol rollback
Clevelander wins lawsuit against Miami Beach over alcohol rollback
The Coconut Grove Playhouse and an aerial view of the land to be rezoned (Google Maps, Getty)
Miami commissioners approve West Grove bed-and-breakfast
Miami commissioners approve West Grove bed-and-breakfast
Nick Woodhouse and Jeffrey Soffer and Turnberry Ocean Club (Linkedin, Fontainebleau, Turnberry)
Authentic Brands prez buys Sunny Isles Beach condo for $5M
Authentic Brands prez buys Sunny Isles Beach condo for $5M
Gregory Galy of Mila restaurant with the Riverfront property. (Google Maps, LinkedIn via Galy)
Mila Group, partners plan hotel and restaurants on Miami River site
Mila Group, partners plan hotel and restaurants on Miami River site
Michael Dell and Major Food Group heads (from left) Rich Torrisi, Jeff Zalanick and Mario Carbone with a rendering of The Flamingo Grill at Boca Raton Resort & Club (Getty)
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
New York restaurateurs Major Food Group, Gallaghers Steakhouse ink big deals in Boca Raton
Baia Beach Club owners Michael Liebowitz, Perry Weitz and Russell Galbut. (Baia Beach Club via Facebook, Harbor Group Consulting, Weitz & Luxenberg)
The Weekly Dish: Perry Weitz buys into Mondrian South Beach, Lagniappe owner acquires Edgewater property & more
The Weekly Dish: Perry Weitz buys into Mondrian South Beach, Lagniappe owner acquires Edgewater property & more
(Photos courtesy of Hitzig Militello)
Argentine architecture firm opening first U.S. office in Miami
Argentine architecture firm opening first U.S. office in Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...