Thayer buys Florida hotel for $535m
Thayer Lodging Group has purchased the 998-room Westin Diplomat Resort & Spa in Hollywood, Fla., from Capital Hotel Management, on behalf of United Association, a plumbers and pipefitters union based in Annapolis, Md.
An official announcement was not released; however, Real Capital Analytics reports the sales price was approximately $535 million or $536,072 per room. United Association developed the hotel in 2002.
The transaction includes the sale of the Westin Diplomat Golf & Tennis Club in Hallandale Beach, Fla. The firm also bought several adjacent parcels.
Thayer also purchased beachfront parcels and open parcels adjacent to the hotel for $55 million under the name Diplomat Landings Owner.
Thayer plans to conver