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

TRD 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
Jeffrey Soffer and Fontainebleau Miami Beach

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

The LaLanne exhibit at The Real Deal’s event in October

Michael Shvo to unveil tropical gardens with LaLanne exhibit at the Raleigh

Hotel Morrison (Credit: iStock)

Hospitality firm buys new Hotel Morrison in Dania Beach for $28M

John Lancet of HVS and John Chang of Marcus Millichap

As hotel development ramps up, occupancy and revenue growth soften: report

Daily Digest Miami

Project with downtown Miami’s first brewery moves forward, startup aims to institutionalize investing in Miami condos: Daily digest

Luna at Hollywood, Peter Mekras of Aztec Group

Luna at Hollywood sells for $19M in bulk condo deal

The Julia hotel, Jesper Arnoldsso

SMS Lodging lists Miami Beach hotel after selling another for $21M

From left: Stambul’s Daniel Peña, Hotusa Group's Amancio López Seijas and Langford Hotel at 121 SE 1st Street (Credit: Google Maps and Hotusa)

Hotusa Hotels buys the redeveloped Langford for $37M

arrow_forward_ios