JLL closes sale of Diplomat Beach Resort in Florida; third largest single-asset hotel sale ever in the U.S.
JLL's Hotels & Hospitality Group led the sales efforts for the 1,000-key beachfront resort in Hollywood, FloridaMIAMI, Feb. 6, 2023 /PRNewswire/ -- JLL's Hotels & Hospitality Group announced today…
JLL represented the seller during the transaction. The resort was purchased by a joint venture of Trinity Fund Advisors LLC and Credit Suisse Asset Management. The Diplomat Beach Resort has been extensively renovated and repositioned in 2018 through a $90 million capital plan. This is a premier resort for meeting and events on the beachfront. There are 1,000 guest rooms and suites, as well as 200,000 square feet integrated meeting and event space. The 33-story twin-spired tower houses the hotel rooms. There is also a 14,000-square foot spa, eight bars and restaurants, multiple pools, and cascading waterfalls. Jeffrey Davis stated that U.S. group demands reached 93% in the first few months of 2022 and that we expect even more growth through 2023. This will be driven primarily by high-end and upper-upscale hotels. The Diplomat Beach Resort is conveniently located between two of South Florida's most important airports, Fort Lauderdale/Hollywood International Airport (10 min) and Miami International Airport (30 min). This gives the resort unrivalled access to visitors from all over the world, including Latin America, Europe, and the U.S. The Diplomat Beach resort is the third-largest single-asset hotel transaction in American history. This makes a strong statement about the economic strength and durability of South Florida. JLL's Hotels & Hospitality Group completed more transactions over the past five years than any other hotel and hospitality real estate advisor, totaling $83 Billion worldwide. Over 7,350 asset management, advisory and valuation assignments were also completed by the 350 strong global team. Credit Suisse Asset Management Credit Suisse Asset Management is a division of Credit Suisse Group's Asset Management division. Asset Management oversees assets valued at more than CHF 411.3 billion worldwide (as of September 30, 2002). Asset Management is supported by Credit Suisse Group's global market presence. It offers passive and active solutions for traditional and alternate investments, as well as product expertise in Switzerland and APAC. Sustainability is a key consideration. A wide range of passive and active investment funds are available that adhere to the Credit Suisse Sustainable Investment Framework. Trinity Fund Advisors LLC is a private real-estate investment firm that specializes in value-add opportunities. It was founded 26 years ago. Trinity is based in Honolulu (Hawaii) and has an office in Beverly Hills (California). It focuses on unique real-estate investments in world-class market segments and has invested over $8 billion in the United States and Mexico. This is due to its institutional knowledge and relationships with locals. Trinity is located in Honolulu (Hawaii) and has a Beverly Hills office, California. About JLLJLL (NYSE : JLL) JLL is a premier professional services firm that specializes on real estate and investment management. JLL is changing the face of real estate by using the latest technology to create amazing opportunities and sustainable real estate solutions that benefit our clients, their people, and communities. JLL, a Fortune 500 company, has operations in more than 80 countries and a workforce of over 102,000 people as of September 30, 2022. JLL is Jones Lang LaSalle Incorporated's brand name and registered trademark. Contact: Cierra lacasse, JLL Associate Public RelationsPhone +1 602 648 88701Email EMAIL.com