Credit Suisse Asset Management and Trinity Real Estate Investments funds have acquired The Diplomat Beach Resort in Hollywood, Florida from Brookfield Asset Management.
IPE Real Assets understands that the joint venture between Credit Suisse and Trinity Fund Advisors funds paid around $835m (€767m) for oceanfront resort in South Florida, a deal regarded as one of the largest hotel acquisitions in the US since August 2021.
The Diplomat Beach Resort in Hollywood has over 1,000 rooms and 200,000sqft of meeting and event space.
Credit Suisse and Trinity have also announced the signing of a management agreement with Hilton to oversee the resort’s operations under the Curio Collection by Hilton flag.
Robert Rackind, global head of real estate for Credit Suisse Asset Management, said: “We see the convention hotel segment as an attractive investment proposition with the Florida economy continuing to experience strong economic growth and favourable demographics.”
Sean Hehir, managing partner, president and CEO of Trinity, said: “The Diplomat Beach Resort is an ideal addition to our portfolio and an opportunity to leverage Trinity’s in-house asset development and management capabilities to offer an unparalleled luxury experience in an optimal location. We plan to take the resort to even greater heights and make it the go-to destination in South Florida.”
Danny Hughes, executive vice president and president, Americas, Hilton, said: “We are delighted to work with Credit Suisse Asset Management and Trinity and proud to be selected as the management company for this iconic beachfront resort in South Florida.”
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