() — Blackstone Inc. is in talks to purchase Allegiant Travel Co.’s Sunseeker Resort, moving the parent of Allegiant Airlines closer to shedding the beleaguered retreat that had been a drag on earnings, according to people with knowledge of the matter.
The two companies are still negotiating and talks could fall apart, said the people, who asked not to be identified because the information isn’t public. It wasn’t immediately clear what price is being discussed.
Spokespersons for Allegiant and Blackstone chose not to comment.
Last month, Blackstone registered several entities with the Florida Division of Corporations, including Sunseeker Resort Owner LLC as well as Sunseeker Expansion I LLC, Sunseeker Expansion II LLC, and Sunseeker Golf Owner LLC.
Allegiant built the resort in Port Charlotte, Florida, as part of an effort by former Chief Executive Officer John Redmond to extend Allegiant Travel’s hold on consumers beyond arranging trips and flying passengers.
The 785-room compound was troubled from the start, with construction suspended during the coronavirus pandemic and damage from hurricanes that further delayed work.
The resort was completed four years behind schedule and $200 million over budget, with occupancy rates failing to match expectations. In total, the construction of the campus amounted to $720 million.
Allegiant
said in July
It enlisted the help of Prospect Hotel Advisors LLC to guide them through various possibilities regarding the resort, such as selling all or just a portion of the extensive estate.
Blackstone is a longtime
lodging industry investor
Last year, the firm secured agreements for the W Fort Lauderdale and the Hyatt Regency Clearwater. Following acquisition, substantial funds are typically allocated towards enhancing these properties.
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