June 19, 2024

Ohana Real Estate Investors Partners with CPP Investments on $123 Million Mezzanine Loan for The Diplomat Beach Resort

The Diplomat is a renowned 1,000-key beachfront resort in Hollywood, Florida.

REDWOOD CITY, Calif., Jun. 19, 2024 – Ohana Real Estate Investors (Ohana) announced its partnership with a subsidiary of Canada Pension Plan Investment Board (CPP Investments), CPPIB Credit Investments III Inc., on a $123 million mezzanine loan for The Diplomat Beach Resort in Hollywood, Florida. This collaboration is part of a larger $575 million refinancing for the borrower, a joint venture between real estate funds managed by Trinity Investments (Trinity) and funds managed by UBS Asset Management’s Real Estate & Private Markets Multi-Managers business.

“We are grateful for the opportunity to refinance this irreplaceable property for Trinity,” said Franco Famularo, President & Chief Investment Officer of Ohana. “The Diplomat Beach Resort is a renowned property in the South Florida market, and we appreciate playing a role in the process.”

The Diplomat Beach Resort, part of Hilton’s Curio Collection, is an award-winning beachfront resort noted for its meetings and events facilities. Having undergone a major $90 million renovation in 2018, it now features 1,000 guestrooms and suites alongside more than 200,000 square feet of event space. The resort, characterized by its twin-spired 36-story tower, also includes a 15,000-square-foot spa, six restaurants and bars, numerous pools with waterfalls, all located on a 10-acre beachfront property.

The resort is conveniently located between Fort Lauderdale/Hollywood International Airport and Miami International Airport, making it easily accessible for guests across the U.S., Latin America, and Europe. The Diplomat Beach Resort has earned multiple awards such as the 2019 Best Family Resort by Travvy Awards, being named One of the Top Resorts in Florida by Conde Nast Traveler in 2018 and receiving the AAA Four Diamonds Award®.

The refinancing was brokered by JLL’s Hotels & Hospitality Group on behalf of the borrower, and included a $452 million CMBS loan originated by Citi Bank.

About Ohana Real Estate Investors

Ohana Real Estate Investors is a vertically integrated real estate investment firm with expertise in the hospitality and residential sectors, focusing on urban and resort markets throughout North America. Founded in 2009, Ohana invests across the capital structure through dedicated equity and credit fund vehicles and currently manages over $3 billion on behalf of a global investor base, including university endowments, foundations, and family offices. For more information, please visit www.ohanare.com.