Credit Suisse Asset Management (a branch of the financial giant) cooperated with Trinity Investments, a US firm involved in real estate investment, to purchase an iconic oceanfront hotel located between Fort Lauderdale and Miami. This is one of Credit Suisse’s largest acquisitions since August 2021. The partners are counting on the recovery of the hospitality industry after the pandemic, favorable demographics, and Florida’s growing economy.
The exact terms of the deal are not disclosed, but the recent hotel renovation alone cost $90 million. Robert Rackind, Global Head of Real Estate at Credit Suisse Asset Management, noted that this purchase would enable the company to diversify its portfolio. They are particularly hopeful about the recovery of the hotel-hosted conference segment.
The Diplomat Beach Resort is situated in Hollywood, Florida. It spans about 4 hectares on the coast of the Atlantic Ocean. This is the only beachfront hotel in the state with over 1,000 rooms and 18,500 sq m of space for holding forums, convents, and other events. There are 8 restaurants and bars at the hotel, as well as two swimming pools for guests who prefer fresh water. The Miami International Airport is only 30 minutes away to the north, which is convenient for visitors from other countries and states.
The new property will be managed by Hilton under the Curio Collection brand.