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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.