JPMorgan Chase and Citi Real Estate Funding partnered up to refinance one of South Florida’s largest oceanfront resorts.
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The two banks provided a $600M loan to UBS and Trinity Investments, a new Miami-based, hospitality-focused private real estate investment firm, to refinance the Diplomat Beach Resort in Hollywood, a Trinity Investments spokesperson confirmed to Bisnow.
The debt was used to pay off and upsize the outstanding $452M mortgage tied to the resort at 3555 S. Ocean Drive. JPMorgan provided $420M in debt funding, and Citi Real Estate Funding supplied $180M, Commercial Observer reported.
Trinity, UBS and JPMorgan declined to comment. A Citi spokesperson didn't immediately respond to a request for comment.
Trinity and Credit Suisse Asset Management purchased the 1,000-room resort from Brookfield Asset Management for $835M in 2023 — at the time, the largest hospitality deal in the country since the onset of the pandemic. The following month, UBS purchased Credit Suisse in an “emergency rescue” deal amid the March 2023 banking crisis.
Later that year, Trinity and UBS sold two parcels and a marina adjacent to the Diplomat to Related Group and BH Group for a total of $52M. The developers now plan to build a 37-story residential tower there.
In 2024, Trinity and Credit Suisse landed a $575M refinancing package for the resort. At the time, the hotel had a 70.6% occupancy rate and an average daily rate of $324.11, according to a Kroll Bond Rating Agency report.
Since then, the hotel's performance has dipped slightly. As of July 2025, the resort’s occupancy rate was at 69% and its average daily rate was $318.25, according to a KBRA report.
The owners planned to spend $36M on renovating the property and placing it under the Signia by Hilton brand by February. A representative for Trinity Investments said there were no updates on the renovations.
The 33-story hotel was developed in 2002 and has 200K SF of meeting and event space, a 14K SF spa, and eight restaurants and bars.
Trinity Investments just made South Florida its permanent home, relocating its headquarters from Hawaii to a 5K SF office in Coconut Grove. It was one of four companies that moved its headquarters to Miami in the first three months of 2026.
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