In a massive half-billion-dollar deal, the Westin Diplomat Resort & Spa in Hollywood, Florida has sold for $460 million to Diplomat Hotel Owner LLC, an affiliate of Thayer Lodging Group of Annapolis, Maryland. The 998-unit hotel at 3555 S. Ocean Drive was sold by Diplomat Properties Limited Partnership, a company with ties to hotel owner United Association, a 370,000-member plumbers and pipefitters union based in Annapolis, according to a Sun Sentinel article.
In addition to the hotel, with spa and tennis courts on nearly 10 acres at 3555 S. Ocean Drive in Hollywood, Thayer also bought a neighboring 18-hole golf course for $20 million, and paid $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, the Daily Business Review said. In total, Thayer paid $535.5 million to Diplomat Companies Limited Partner, linked to the plumbers' trade union.
"I think this is the biggest real estate transaction in Florida and one of the largest in the country this year," said Jack McCabe, CEO and founder of McCabe Research & Consulting, which did the market feasibility study for Thayer.
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