The Project
In 2014, NPC was contracted by long-time client, Thayer Lodging Group, to conduct a detailed and thorough Property Condition Assessment (PCA) and Americans with Disabilities Act (ADA) survey of the Diplomat Resort & Spa. Thayer Lodging was considering purchasing the property. Located in Hollywood, Florida, the Diplomat is considered a premier resort and spa and is composed of twin 41-story towers, 998 guestrooms and suites, a 200,000 square foot convention center, spa, numerous restaurants, pools, golf course, and tennis courts.In April 2014, NPC’s team spent about a week onsite to complete an extensive evaluation of the expansive resort and grounds including all of the building systems (façade, roofing, MEP, etc.) as well as conducted interviews with key engineering, management, and maintenance personnel. NPC also performed a comprehensive review of thousands of construction drawings, inspection and engineering reports, surveys, CapEx plans, recent capital improvement expenditures, and other relevant reports. Over 600 pictures were taken to document the current condition of the property. The purpose of these extensive assessments and reviews was to understand the condition of the property as well as determine current capital needs and capital budgets over the next 10 years.
NPC generated a 293-page report, which played a critical role in Thayer’s decision to move forward with the purchase of the property as well as guide their negotiations.
An Award-winning Transaction
In September 2014, Thayer Lodging Group, acquired the Diplomat Resort and Spa for $535,000 million in an off-market transaction.
The Diplomat Resort and Spa received the prestigious Single Asset Transaction of the Year at the Americas Lodging Investment Summit (ALIS) conference that was held in Los Angeles on January 25-27, 2015. ALIS is the largest hotel investment conference in the world.
The Team
The project was led and coordinated by NPC’s Principal, Pete Madson, PE, who also conducted all field assessments and was assisted by NPC’s Ben Bartel, PE, and Michael Waelder, Senior Architect. Specialist façade, MEP, elevator, and fire protection inspections were performed by NPC’s extended network of experts.
About National Property Consulting Group, LLC
NPC is a building assessment and advisory firm that specializes in performing property condition assessments and energy consulting focusing on the industrial, hospitality, and housing sectors. For more information about National Property Consulting Group (NPC), please visit www.npcg.net or contact:
Pete Madson, PE
Principal
pmadson@npcg.net | 513.478.6569
Ben Bartel, PE, LEED AP
Principal
bbartel@npcg.net | 847.421.6120
Americas Newmark Grubb Knight Frank and Robert Kramp, Senior Vice President, Americas, Midwest and Great Lakes Regional Director at Jones Lang LaSalle. This was a joint session with the Certified Commercial Investment Member (CCIM) Chicago Chapter.