Thayer Lodging Acquires Westin Diplomat for $460 Million

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.