A Nichols Legacy Project, Diplomat Beach Resort sells for $850M
Diplomat Beach Resort sells for $850M to Trinity, Related, BH Group
Diplomat Resort by Nichols Architects
The 39-story Diplomat Beach Resort in Hollywood sold for $850 million, one of the highest prices for a hotel in Florida, according to a source with knowledge of the deal.
Brookfield Property Partners, through affiliate Diplomat Hotel Owner, agreed to sell the 1,000-room hotel at 3555 S. Ocean Drive to Honolulu-based Trinity Real Estate Investments and Credit Suisse Asset Management, according to an announcement from the buyers. Related Group spokesman Jorge Mendez confirmed that Miami-based Related and Aventura-based BH Group have a deal to acquire part of the Diplomat site from Trinity for a redevelopment.
… The Diplomat, built on 19 acres along the beach in 2002, last traded for $460 million in 2014. It features a 14,000-square-foot spa and wellness center, eight restaurants and bars, 209,000 square feet of meeting space and 2,566 parking spaces. It was designed by Nichols Architects from Coral Gables.
Read the full story here >>>> Source: South FL Biz Journal https://www.bizjournals.com/southflorida/news/2023/02/03/diplomat-resort-to-be-sold-for-850m.html