The Diplomat Golf & Spa, FL


Investment Highlights

Transaction Value: 

Asset Class:


  • Purchase Date: 05/30/2018
  • Purchase Price (Land With Permits): $43,250,000
  • Sq. Footage: 127 Acres
  • Asset Type: Hospitality / Luxury Residential Tower Ground-up Development
  • Targeted IRR on Hotel Portion: 19%-3.3x equity multiple
  • Targeted IRR on Luxury Residential Tower: 22%

Premium Capital Resources was successful in acquiring the former Diplomat Golf Course, Hotel, Marina and Tennis Club for about $43,000,000 when the land was appraised for about double that price. In addition to the existing structures, the Property had final entitlement approvals for the development of 1,188 additional residential units and resort-hotel condominium keys, consisting of four towers to be constructed in two phases after the completion of the Property Improvement Program Phase (“PIP Phase”). Phase One includes the development of approximately 624 units and keys in Tower 100 and Tower 200 (“Phase One”). Tower 100 is a 30-story, 250-unit residential tower, and Tower 200 is a 30- story, 374-unit resort hotel-condominium tower. Phase Two includes the development of approximately 564 keys in Tower 300 and Tower 400 (“Phase Two”). Tower 300 is a 24-story, 312-unit, resort hotel- condominium tower, and Tower 400 is a 20-story, 252-unit, resort hotel-condominium tower.

Premium Capital is currently at the Phase I development stage consisting of the following projects:

SLS Residence – Tower 100

SLS Residence will feature 250 SLS-branded luxury apartment rentals on a 27 Story building. Building amenities will include resort pool, fitness center, cycling studio, yoga/Pilates studio, business center, social room, theatre, wine room, game room, and more. Residents will have private access to an 18-hole championship golf course, a 10-court tennis complex and 48-slip Marina. Residents will also benefit from SBE’s esteemed residential program which includes access to hotel upgrades, preferred reservations, restaurants and nightlife venues as well as invitations to VIP events.

SLS Resort & Residences – Tower 200

SLS Hotel and Condo Residences will have 290 hotel rooms – of which 50 will be hotel-condo units, along with several premier Food Beverage venues. Amenities will include resort pool with cabanas, fitness center, cycling studio, and a yoga/Pilates studio. The hotel will also be home to the third South Florida, a 3-meal restaurant, and SBE mixology concept in the lobby lounge. Guests will also have access to a world class 32,000 SF spa as part of the newly renovated club on premises. The private club will feature an 18-hole championship golf course, a 10-court tennis complex and 48-slip Marina, perfect for the property’s proximity to the ocean. The professional golf course will boast stellar design from pro-golfer Greg Norman, featuring four par-5 holes and a 570-yard hole that is one of the longest in South Florida. Troon, the largest third-party manager of golf and club operations in the world will be managing the club.

The Shark at The SLS

The Shark Club at The SLS is a newly designated Greg Norman Signature Golf Course and Club located in Hallandale Beach, FL. The Club will be part of the SLS Resort Residences and club members will have access to a newly renovated 32,000 square foot clubhouse and spa complete with a members only lounge, gym, lockers, steam, sauna, salon, treatment rooms, and more. Members will also have access to the SLS Pool Complex, food and beverage outlets as well as a Championship Tennis Center with 10 Clay courts.

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