Diplomat Beach Resort in Hollywood, which is owned by a Brookfield Asset Management subsidiary, is now for sale. Experts knowledgeable about the property say the amount generated by the sale could go as high as $1bn.
Brookfield's subsidiary, Thayer Lodging Group, has turned to Newmark Knight Frank, an advisory firm that deals with commercial real estate, and Hodges Ward Elliott, an investment banking and hotel brokerage firm, to handle marketing duties for the resort, which offers patrons 1,000 hotel rooms. Once a sale like this is finalized, new owners of these types of properties have an opportunity to use graphic design to create an entire range of branded products exclusive to the facility.
The sale transaction is taking place at an advantageous time for Florida resorts, which are generally performing better than resorts located elsewhere in the country. During January through November 2018, room revenue in Florida rose by 4.2%, as compared to other areas, which saw an increase of only 3.4%.
The Diplomat was once a Westin property, but was converted into a holding in the Curio Collection, which comes under the Hilton Worldwide Holdings, Inc.'s, umbrella. Thayer bought the property in 2014 and invested $100m in a renovation to convert it to the Curio brand. Now known as the Diplomat, the facility offers over 200,000 square feet for meetings, and is located between the Intracoastal Waterway and the Atlantic Ocean.
Location
4171 North State Rd, #7
Hollywood, FL 33021
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Hours
Mon: 8:30 - 5:00
Tue: 8:30 - 5:00
Wed: 8:30 - 5:00
Thu: 8:30 - 5:00
Fri: 8:30 - 5:00
Sat: Closed
Sun: Closed