MIAMI—Thayer Lodging Group is not talking, but our sister publication is reporting that it just purchased the Westin Diplomat Resort & Spa in Hollywood, FL. The sale price: $460 million.
The Daily Business Review broke the story. The Westin is located at 355 South Ocean Drive in Hollywood. According to DBR, the company also snapped up the an 18-hole golf course just down the street for another $20 million and grabbed a few parcels next to the resort for $55.5 million. All told, Thayer shelled out $535.5 million to Diplomat Companies Limited Partner in the deal.
Westin was set to leave the Starwood system in October. The resort sits on the Atlantic Ocean.
Based in Annapolis, MD, Thayer is a privately held investment company. Frederic V. Malek and Leland Pillsbury founded the firm, which launched its first private equity fund in 1991.
Thayer is no stranger to big hotel deals. The company has closed 41 hotel acquisitions worth about $2.4 billion in its history. Currently, Thayer's portfolio spans 14 hotels with 3,637 guest rooms. The firm also has ownership interest in 64 additional hotels.
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