Members of MMM’s Hospitality team recently assisted Brookfield Asset Management in the sale of the Diplomat Beach Resort in Hollywood, FL, marking the largest single-asset hotel transaction since the start of the COVID-19 pandemic.
Despite larger conference hotels lagging behind other hotel classes in their recovery, a deal of this magnitude helps signal that resorts in locations that attract both business and leisure travelers can fare well in 2023 and beyond. CBRE’s 2023 Real Estate Market Outlook projects that assets in leisure destinations will continue to outperform those in urban areas. This historic sale also proves that with the right team, patience, and creativity, deals will happen despite market challenges.
A sale of the 1,000-room oceanfront property would be the latest sign that resorts—and Florida resorts in particular—remain in high demand. It would also be a big bet that corporate group travel can continue to gain momentum.
