Trinity to buy Diplomat Beach Resort in Hollywood, Florida for $850 million: Sources – Commercial Observer

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Trinity Investments is about to buy the huge Diplomate Beach Resort in Hollywood, Florida, for about $850 million, Commercial Observer has learned.

The Honolulu-based buyer is now under contract to buy the beachfront hotel with JLL head of the sale, according to a source familiar with the negotiations.

Representatives of Trinity Investments and Brookfield Propertiesresort owner, declined to comment.

If completed, the sale will mark the end of a three-year saga for Brookfield. The asset manager first listed the property for $1 billion in 2019, and Jeffrey Sofferit’s Development of Fontainebleau was about to buy it until COVID-19 got involved.

Just a few months ago, talks between Brookfield and Fontainebleau Development, as well as Koch Real Estate as a buying partnerstarted again, CO reported. But these negotiations, once again, failed, according to Thethe case. Fontainebleau declined to comment.

The deal would also mark the biggest hotel deal since the pandemic hit two years ago. In 2021, the largest transaction amounted to $270 million, while Pebblebrook Hotel Trust bought the Margaritaville Hollywood Beach Resort down the road from the diplomat.

Trinity Investments was not far behind on the list, purchase the EAST hotel at Downtown Brickell for $174 million with Certares Property Management.

Diplomat Beach Resort is the second largest hotel in South Florida with 1,000 rooms – and is located at 3555 S Ocean Drive, just north of Miami. The 709,504 square foot complex includes a marina, pool deck, four ballrooms and five restaurants. During peak season, the cost of an overnight stay starts at $300 and can cost up to $800, according to the resort’s website.

Thayer Accommodation Group, a subsidiary of Brookfield Properties, bought the 39-story property for $460 million in 2014, property records show. Three years later, he invested $100 million in renovations.

Julia Echikson can be contacted at [email protected].

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