Thayer Lodging Group, a Brookfield Company, and its institutional partners, have acquired the Westin Diplomat Resort & Spa in Hollywood, Fla.
The Company announced the property will be renamed the Diplomat Resort & Spa and will join Hilton Worldwide's newest brand, Curio – A Collection by Hilton, in October 2014. Thayer will also embark on a $100 million enhancement initiative for the oceanfront property later this year.
Thayer Co-Chairman Lee Pillsbury notes the Diplomat acquisition is a reflection of the company's continued growth in the hospitality sector, adding that Thayer is excited about bringing Hilton's Curio brand to the resort.
South Florida's premier beachfront resort and convention center, the Diplomat Resort encompasses 998 rooms and suites, numerous restaurants and a Spa, along with more than 200,000 square feet of meeting and convention space, where it annually hosts numerous major gatherings.
"It is a renowned property that offers South Florida's premier combination of resort and convention facilities. With its great beachfront, superb meeting facilities and easy access from Miami and Fort Lauderdale airports, the resort has a tremendous reputation for quality of service and comfort," Pillsbury said. "We are going to build on that and make the Diplomat an even stronger destination."
"Thayer looks forward to making a significant contribution to the ongoing transformation of the Hollywood Beach area with the 'new' Diplomat Resort & Spa," he added.
Curio – A Collection by Hilton is a global collection of distinctive four to five star hotels offering travelers local discovery and authentic experiences in key markets. Each Curio hotel will be different from the next and individuality will be a common thread, along with the quiet reassurance of the Hilton name behind every location.
"We are pleased to have a property of this stature join the Curio Collection," said Dianna Vaughan, global head, Curio – A Collection by Hilton. "The Diplomat Resort & Spa was launched as an exciting addition to South Florida's history more than 50 years ago, and today illustrates the diversity of our brand as well as our commitment to providing our guests with remarkable and intriguing experiences."
A luxury hotel, the original Diplomat hotel opened on the site in 1959. A ritzy and opulent retreat, it quickly made Hollywood, Florida, a popular destination for the rich, famous and anyone seeking a little glamour with their surf and sun.
The resort was acquired from the Plumbers & Pipefitters National Pension Fund, which redeveloped the property on the site of the historic, former hotel of the same name. As part of the transaction, the Diplomat Golf & Tennis Club was acquired by Concord Wilshire, a real estate development company. The resort and the golf properties will work closely with each other to serve their guests and continue presenting luxury experiences.
As part of the Hilton Worldwide portfolio, Curio hotels will offer guests the benefits of Hilton HHonors, the award-winning guest loyalty program serving more than 40 million members. Hilton HHonors offers more ways to redeem points than any other guest loyalty program.
The hotel remains open and fully operational and will continue to conduct business as usual during the transition. All existing guest reservations will be honored.
Thayer Lodging Group, based in Annapolis, Md., is a hotel asset management and investment company, acquired in 2014 by Brookfield. Thayer has a lengthy and successful track record that spans multiple investment cycles. Since forming its first private equity fund in 1991, Thayer has completed 41 hotel investments with a total acquisition cost of approximately $2.4 billion.
Thayer's funds currently own a portfolio of 14 hotels and 3,637 guest rooms and, through its investment in Interstate, have ownership interests in 64 hotels with 11,655 guest rooms. Thayer seeks to invest in hotels where the Company's expertise can add value through its time-tested strategies, which include extensive renovation, market repositioning, expense reduction and rebranding as methods of improving net operating incomes.
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