Press

December 19, 2023

Trinity Investments Sells Parcels Across From Diplomat Beach Resort Hollywood

Two Development Parcels Entitled for Residential, Hotel-Condo Units

Trinity Investments and Credit Suisse Asset Management bought the Diplomat Beach Resort in Hollywood, Florida, for $835 million in February. (CoStar)

By Dana Miller
Hotel News Now

December 19, 2023 | 4:36 AM
A joint venture led by Trinity Investments has sold two development parcels and a marina adjacent to the Diplomat Beach Resort in Hollywood, Florida.

Trinity, a vertically integrated real estate investment firm based in Honolulu, Hawaii, and Credit Suisse Asset Management purchased the 1,000-room resort, along with the two development parcels, from Brookfield Asset Management for $835 million in February.

According to Trinity and CoStar data, it’s the largest hospitality acquisition in 2023.

Two development parcels and a private marina have been sold to a Miami-based real estate developer. Jaret Turkell, senior managing director of Berkadia Real Estate Advisors, brokered the transaction, according to a news release.

The two development parcels, which are within the Diplomat Landings site, are located on eight acres along the intracoastal waterway on the west side of Ocean Drive.

Overall, Diplomat Landings includes 52,000 square feet of retail space, a private marina, two above-ground parking garages and two development parcels. One development parcel is entitled for 350 residential units. The other is entitled for 500 condo-hotel units and 68,000 square feet of retail.

Trinity is still in the process of repositioning the resort into a Signia by Hilton.

“The plan when we bought the Diplomat from Brookfield [Asset Management] was to bring in Hilton to manage it and once it goes through its renovation, it will go into the Signia brand within the Hilton family. So far … everything’s been going according to plan,” Trinity President and CEO Sean Hehir said during a podcast interview with Hotel News Now.

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