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Announcement

Major expansion of the Diplomat hotel announced, while property is on the market for $1 billion!!

By
Cashflow In Miami
on
July 18, 2020

3555 S Ocean Dr, Hollywood, FL 33019

Brookfield Properties, which owns the Diplomat Hotel through its Thayer Lodging Group subsidiary, is behind the expansion plan and the land-use proposal. The county commission’s action on Tuesday advanced a plan to build a second hotel building with 500 rooms across the street from the 1,000-room Diplomat at 3555 South Ocean Drive in Hollywood. The building would be part of a mixed-use development along the Intracoastal Waterway that also would add 150,000 square feet of convention and meeting space and 350 residential units.Wilson C. Atkinson, an attorney with law firm Tripp Scott who represents Brookfield, said the second hotel building would replace commercial space between two existing parking garages on the west side of Ocean Drive, across from the Diplomat’s current location, and it would “mirror” the architectural style of the Diplomat, including “the opening at the top of that tower where air goes through it,” Atkinson said.Bloomberg reported at the time that the oceanfront hotel could trade for $1 billion, or $1 million per key.Thayer Lodging acquired the Diplomat property for $460 million in 2014, and soon after, changed the Diplomat’s brand affiliation from Westin to Curio, part of Hilton system. Wiles said Brookfield has invested $85 million in the Diplomat.And I know it will sell, maybe not a million per key, but will definitely find it own pension fund:)

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