Diplomat Golf Course Venture, LLC, an affiliate of Concord Wilshire, has sold the majority of its holding in the Diplomat Golf Resort & Spa Hallandale Beach in Florida for $44.5m. Diplomat Golf Course Venture, LLC remains an equity partner in the new ownership group led by South Florida developer Ari Pearl and his PPG Development Group. The facility features an 18-hole golf course, a 60-key AAA Five Diamond hotel, 22,000 sq ft of meeting space, a 31,000 sq ft luxury spa, a fitness center, two food and beverage outlets, a 48-slip marina and 10 tennis courts. Concord Wilshire originally acquired the property in 2014 and successfully obtained approval in 2016 for a major resort expansion as well as a residential development including 1,188 additional hotel rooms and condominium residences in four towers.
“Our new partners are accomplished developers who share the same vision that we have had for the property since acquiring it in 2014,” said Nate Sirang, president of Concord Wilshire Companies. “Ari and his group are poised to execute on that vision and create one of the premier destination resorts and residences in South Florida.”
