Blackstone is strengthening its hospitality portfolio by acquiring a recently built asset on the Gulf Coast of Florida for $200 million.
The Sunseeker Resort Charlotte Harbor, developed and sold by Allegiant Travel Company, was first delivered in December 2023.
The property sits on 22 waterfront acres and features a total of 785 rooms. Some amenities include a fitness center, two pools, a rooftop adult section, indoor meeting space, a golf course and various food and beverage options on-site.
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Allegiant's reasoning for selling Sunseeker was to bolster its balance sheet and pay off debt. The Las Vegas-based firm's net debt was $1.1 billion, with available liquidity at $1.2 billion, as of March 31, according to the company's first-quarter financial report.
Blackstone, meanwhile, will look to add to its already large hotel portfolio. Its hospitality platform, BRE Hotels & Resorts, currently operates more than 100 hotels and resorts in the U.S., Brazil and Puerto Rico. Also, the platform manages more than 20,000 room keys.
"The acquisition of this brand new, highly-amenitized resort demonstrates our strong conviction in hospitality and travel and the continued growth in group-oriented destinations, " Scott Trebilco, senior managing director at Blackstone Real Estate, said in a statement.
"Allegiant has built a fantastic property and we look forward to bringing our extensive experience with large scale resorts to Sunseeker."
Meanwhile, as consumer concerns remain with the economy over the global trade war, travel spending is already starting to wane, according to a recent report from Colliers. The CRE firm found that lodging spending is down about 2.5 percent this year, while airline spending has plunged by six percent. Colliers warns that this trend could harm hotel occupancy, average daily rates and revenue per available room.
The Sunseeker transition, which is subject to conditions, is projected to close during the third quarter.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
