Thayer Lodging Acquires Westin Diplomat for $460 Million
Tuesday September 2nd, 2014 - 3:13PM H
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HOLLYWOOD, FL—Thayer Lodging Group has acquired the Westin Diplomat Resort & Spa here for some $460 million.
The 998-room hotel, which was officially acquired by Diplomat Hotel Owner, LLC, an affiliate of Thayer Lodging Group, was sold by a company affiliated with Capital Hotel Management LLC. The 39-story resort opened in early 2002.
Thayer also purchased the neighboring 18-hole golf course as well as nearby commercial parcels along South Ocean Drive, one of which has already been approved for a 372-unit condo hotel. With the additional purchases, Thayer invested some $535 million in total.
Tags: Thayer • Westin Diplomat Resort • Hospitality • Ownership •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.