Credit Suisse Asset Management partners with a US private real estate firm to acquire an iconic Florida beachfront hotel. The move comes after Credit Suisse unloaded hotel properties in recent years.
Situated between Ft. Lauderdale and Miami, The Diplomat Beach Resort in Hollywood, Florida has been acquired by Credit Suisse Asset Management (CSAM) and Trinity Investments, a private real estate investment firm based in Honolulu, Hawaii, Credit Suisse announced Monday.
The partnership seeks to capitalize on the rebound in the US convention hotel market and the strength of Florida's economy and is one of the largest hotel acquisitions in the US since August 2021. Although the terms of the deal were not disclosed, Credit Suisse said the hotel was recently renovated for $90 million. It was purchased from a private real estate fund.
The acquisition comes after Credit Suisse unloaded some notable properties in recent years, including the Savoy Baur en Ville in Zurich and «The Golden Egg» in Davos.
Robert Rackind, global head of real estate for CSAM, said «I am delighted that we have been able to diversify our international real estate portfolio with such an iconic property. We see the convention hotel segment as an attractive investment proposition with the Florida economy continuing to experience strong economic growth and favorable demographics.»
Beachfront Playground
The hotel sits on around 10 acres (4 hectares) on Florida's Atlantic coast and is the only oceanfront resort in Florida with over 1,000 rooms and 200,000 square feet (18,500 square meters) of space for meetings and events. It has eight restaurants and bars and two beachfront pools for those not wanting to venture into the ocean.
Hilton will manage the property under its Curio Collection by Hilton brand.
The resort is about 30 minutes north of Miami International Airport and about an hour from former US President Donald Trump's Mar-a-Lago club in West Palm Beach.
