Hollywood Resort Trades In Blockbuster $535 Million Deal

The Westin Diplomat Resort & Spa in Hollywood has traded in a blockbuster half-billion-dollar deal between Maryland-based Thayer Lodging Group and United Association, a 370,000-member plumbers and pipefitters union based in Annapolis.
Thayer paid $460 million for the 1,000-room, beachfront hotel with spa and tennis courts on nearly 10 acres at 3555 S. Ocean Drive, Hollywood.
It also snagged a neighboring 18-hole golf course for $20 million, and $55.5 million for several adjacent parcels at 3451-3690 S. Ocean Drive.
Thayer made the deal through three affiliates, Diplomat Hotel Owner LLC, Diplomat Golf Course Venture LLC and Diplomat Landings Owner LLC, according to a deed recorded Thursday in Broward County.
It paid $535.5 million to Diplomat Companies Limited Partner, linked to the plumbers’ trade union.
The hotel opened as a luxury resort in 1959, and its sale is one of the largest in South Florida, where growing occupancy rates has fueled a frenzy of multimillion-dollar deals in the hospitality sector.
 
Source: DBR