The sale of a most expensive hotel complex that has taken place in the country since the beginning of 2020 has just been completed in South Florida, specifically in hollywood beachjust north of Miami Dade, at the beginning of Broward County.
He Diplomat Beach Resortlocated in front of the beach, sold for $835 millionaccording to the report published this week by the JLL mortgage loan firm, responsible for the transaction.
The hotel located at the height 3555 Ocean Drive South was bought by two investment firms: Credit Suisse Group and Trinity Investments. The seller of the property was the firm Brookfield Asset Managementwho also own the open-air shopping center of the Design Districtin Miami.
The sale of the Diplomat in Hollywood was one of the highest ever, surpassed previously by the sale of the Boca Raton Resort and Clubin 2019 for 875 million dollars.
The diplomat is a 39-story, 1,000-room resort whose main business is conferences. After the pandemic, in 2021 it reopened to the public but faced some complications such as problems with its employees who threatened to go on strike – something unusual in the industry in the United States.
The hotel is currently managed by the Hilton chain and under the new owners it will continue with this same administration. It is expected that it will continue to focus on the organization of conferences, since it has large convention rooms, despite the fact that its location is very attractive for tourists in general.
Broward’s beaches, very close to Miami, are usually highly sought after by tourists who arrive with families who want a more relaxed atmosphere than South Beach, but with the possibility of getting to Miami easily.
This sale comes to demystify that the South Florida hotel market has been deflated after the pandemic. It is not only one of the highest post-pandemic sales, but in history at the country level.
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