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
A conceptual rendering and Lon Tabatchnick

Margaritaville developer plans another Hollywood hotel despite opposition

Ambassador Hotel Cooperative Apartments (Credit: iStock)

Copperline Partners closes on bulk co-op deal in Palm Beach

Orangebrook Mobile Home Estates and Carlyle Group co-CEOs Kewsong Lee and Glenn A. Youngkin (Credit: Google Maps, Carlyle Group)

Private equity giant scoops up mobile home park in Hollywood

From left: Keith Menin and Russell Galbut, with the Domio Kaskades Hotel

Russell Galbut wants to sell another Miami Beach hotel

From left: James Grage, Matthew Elliott, and Marc Hameroff, with the home

Fitness expert wants to shed his Hollywood home via auction

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

arrow_forward_ios