JLL closes sale of Diplomat Beach Resort in Florida; third largest single-asset hotel sale ever in the U.S.
JLL’s Hotels & Hospitality Group led the sales efforts for the 1,000-key beachfront resort in Hollywood, Florida
MIAMI, Feb. 6, 2023 – JLL’s Hotels & Hospitality Group announced today that it closed the sale of the Diplomat Beach Resort, an award-winning beachfront resort with 1,000 guest rooms in Hollywood, Florida.
JLL represented the seller, Brookfield Properties, in the transaction. A joint venture between Credit Suisse Asset Management and Trinity Fund Advisors LLC purchased the resort. 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.
Extensively renovated and repositioned through a comprehensive $90 million dollar capital plan in 2018, the Diplomat Beach Resort is unrivaled as a world-class beachfront meeting and events-focused resort. The resort features 1,000 traditional guest rooms and suites and 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 and bars plus multiple pools and cascading waterfalls. Additionally, the property is situated 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% of 2019 levels and we predict even further acceleration through 2023, driven predominantly by upscale and upper upscale hotels,” Jeffrey 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.”
The Diplomat Beach Resort is ideally located between the two most significant airports in South Florida, Fort Lauderdale/Hollywood International Airport (10 minutes) and Miami International Airport (30 minutes), affording the resort unparalleled access to guests from major markets throughout the U.S., Latin America and Europe. The resort is known for its extensive offerings and multiple award-winning recognitions and accolades, including being awarded 2019 Best Family Resort by Travvy Awards, One of the Top Resorts in Florida by Conde Nast Traveler in 2018 and is the recipient of the AAA Four Diamonds Award®.
The Diplomat Beach Resort represents the third largest single-asset hotel sale ever in U.S. history, making a strong statement regarding the durability and economic muscle of South Florida. The South Florida lodging industry saw a tremendous recovery post-Covid making it one of the best-performing hotel markets in the country, benefitting significantly from an increase in leisure travel, recovery of group demand and the significant demographic shift into South Florida supported this landmark trade.
JLL’s Hotels & Hospitality Group 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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 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. For further information, visit jll.com.
About Credit Suisse Asset Management
Credit Suisse Asset Management is part of the Asset Management division of Credit Suisse Group. Asset Management manages assets worth over CHF 411.3 bn worldwide (as of September 30, 2022). Backed by the global market presence of Credit Suisse Group, Asset Management offers active and passive solutions for traditional and alternative investments as well as proven product expertise in Switzerland, EMEA, APAC, and the Americas. Great importance is attached to sustainability. We offer a broad selection of active and passive investment funds that comply with the Credit Suisse Sustainable Investment Framework or replicate a sustainable index. In doing so, we pursue differing approaches, in which environmental, social and governance (ESG) criteria are applied at various points in the investment process.
About Trinity Fund Advisors LLC
Trinity is a private real estate investment firm with a 26-year history of specializing in value-add opportunities. Based in Honolulu, Hawaii, with an office in Beverly Hills, California, Trinity focuses on unique real estate investments in world-class markets and has invested more than $8 billion in the United States, Mexico, Europe, and Japan by leveraging its deep institutional knowledge and longstanding local relationships. Trinity is based in Honolulu, Hawaii, with an office in Beverly Hills, California. For additional information, please visit Trinity’s website at www.trinityinvestments.com.