Diplomat Beach Resort in Hollywood, FL., has a new owner. JLL’s Hotels & Hospitality Group announced today that it closed the sale of famed, 1,000-room property to joint venture between Credit Suisse Asset Management and Trinity Fund Advisors LLC. Sale price was reported to be $835 million. The new owners also announced the signing of a management agreement with Hilton Hotels and Resorts to oversee the resort’s operation under the Curio Collection by Hilton brand.
A South Florida landmark resort that underwent a $90 million dollar renovation on 2018, capital plan in 2018, the Diplomat Beach Resort has 200,000 square feet of integrated meeting and events space. The property consists of a twin-spired, 33-story tower housing the hotel rooms, a 14,000-square-foot spa, eight restaurants (including the great Diplomat Prime steakhouse) and bars, plus multiple pools and cascading waterfalls.
The property, located less than 15 minutes Fort Lauderdale/Hollywood International Airport, is located on 10 acres of Atlantic Ocean beachfront offering kayaking, paddleboarding and jet ski rentals.
The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Directors Jeffrey Davis and Gregory Rumpel, Americas CEO Kevin Davis and Global CEO Gilda Perez-Alvarado.
“Over the last few months of 2022, U.S. group demand reached 93 percent of 2019 levels and we predict even further acceleration through 2023, driven predominantly by upscale and upper upscale hotels,” Davis said. “The sale of the Diplomat was the third largest single-asset hotel sale ever in the U.S and it’s truly a win-win for both the seller and the buyers.”
JLL’s Hotels & Hospitality Group, according to Davis, has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide.
The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
JLL (NYSE: JLL) specializes in real estate and investment management. A Fortune 500 company with annual revenue of $19.4 billion, operations in more than 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
Photo Courtesy of The Diplomat Beah Resort
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