In what is being described as one of the most expensive real estate deals in the history of South Florida, Thayer Lodging Group bought the 998-room Westin Diplomat Resort & Spa, located in Hollywood, for US$460 million.
Thayer Lodging Group, Annapolis, Maryland, made the purchase via three affiliates from Diplomat Cos., which is affiliated with the United Association plumbers and pipefitters union. Also included in the purchase were a nearby golf course and adjacent parcels for a total of US$535 million.
Thayer owns several other hotels in South Florida, which remains one of the hottest hotel development markets in the U.S.
