2 minute read Curio- A Collection by Hilton
A joint endeavor in between non-US provided realty funds handled by Credit Suisse Asset Management and property funds handled by Trinity Fund Advisors LLC today revealed the acquisition of The Diplomat Beach Resort in Hollywood, Florida from a Brookfield personal property fund.
The offer is among the biggest hotel acquisitions in the United States because August2021 The brand-new owners likewise revealed the finalizing of a management contract with Hilton to supervise the resort’s operations under the Curio Collection by Hilton flag.
The Diplomat Beach Resort is the only oceanfront resort in South Florida with over 1,000 spaces and 200,000 square feet of conference and occasion area. The residential or commercial property finished an extensive $90 million remodelling and boasts a comprehensive features list, consisting of:
- Nearly 10 oceanfront acres on the Atlantic Ocean including jet ski, ocean kayak and paddleboard leasings
- Eight dining establishments and bars
- Two beachfront swimming pools with a cascading waterfall and a 14,000- square-foot health club and health center
- A four-diamond score from AAA
- Close distance to Fort Lauderdale/Hollywood International Airport (10 minutes) and Miami International Airport (30 minutes)
Robert Rackind, Global Head of Real Estate for Credit Suisse Asset Management, stated: “I am happy that we have actually had the ability to diversify our worldwide property portfolio with such a renowned residential or commercial property. We see the convention hotel sector as an appealing financial investment proposal with the Florida economy continuing to experience strong financial development and beneficial demographics.”
Sean Hehir, Managing Partner, President and CEO of Trinity, commented: “The Diplomat Beach Resort is a perfect addition to our portfolio and a chance to take advantage of Trinity’s internal possession advancement and management abilities to provide an exceptional high-end experience in an optimum place. We prepare to take the turn to even higher heights and make it the go-to location in South Florida.”
Danny Hughes, executive vice president and president, Americas, Hilton, included: “We are thrilled to deal with Credit Suisse Asset Management and Trinity and happy to be chosen as the management business for this renowned beachfront resort in South Florida. We are delighted about the future of this hotel and eagerly anticipate raising the visitor experience so The Diplomat stays the resort of option for today’s worldwide tourists.”
Credit Suisse Asset Management and Trinity Real Estate Investments are looking for to profit from the rebound in the United States convention hotel market and on the strength of Florida’s regional economy. The state’s bounce in tourist has actually been quick and remarkable, putting it on track to go back to pre-pandemic levels.
This purchase marks Trinity GP Fund I L.P.’s 8th financial investment given that its last closing in June 2021, representing $2.1 billion in overall deal worth.
Gibson, Dunn & & Crutcher LLP, Eckert Seamans Cherin & & Mellott LLC, Akerman LLP, and Greenberg Traurig, LLP functioned as legal counsel to the buyer consortium in connection with the deal.
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