Credit Suisse AM, Funds Buy Into Florida's Economic Ascent
The firms want to exploit the bounce back in the US convention hotel market and recovery in tourism since the end of the pandemic.
Credit Suisse Asset Management has got involved in buying a major US hotel – the Diplomat Beach Resort in Hollywood, Florida. The move is a play on Florida’s economic growth of recent years.
The purchase was part of a joint venture with real estate funds managed by Trinity Fund Advisors, an affiliate of full-service private real estate investment firm Trinity Real Estate Investments.
“The deal is one of the largest hotel acquisitions in the United States since August 2021,” Credit Suisse AM said in a statement on Friday.
The purchase value of the hotel wasn’t disclosed.
The resort in South Florida, which has almost 10 oceanfront acres on the Atlantic Ocean, has more than 1,000 rooms and 200,000 square feet of meeting and event space. It recently underwent a $90 million renovation.
Credit Suisse Asset Management and Trinity Real Estate Investments want to exploit the bounce back in the US convention hotel market and recovery in tourism since the end of the pandemic. Florida bucked a trend of many other US states in its relatively liberal lockdown policy during the pandemic.
Gibson, Dunn & Crutcher, Eckert Seamans Cherin & Mellott, Akerman, and Greenberg Traurig, acted as legal counsel to the purchaser of the consortium in connection with the transaction.
To see a recent article by this news service on Florida and its economic and real estate prospects, click here.