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 •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.