1. Blackstone acquires Sunseeker Resort for $200 million. 2. The resort spans 785 rooms on 22 waterfront acres. 3. Scott Trebilco emphasizes confidence in hospitality and travel sectors. 4. Allegiant aims to strengthen its balance sheet post-sale. 5. Transaction expected to close by Q3 2025.
This acquisition strengthens Blackstone's hospitality portfolio, which historically boosts investor confidence. The success of similar acquisitions in hospitality previously led to appreciation in BX stock.
This acquisition enhances Blackstone's asset variety in hospitality, a key growth area. Strong fundamentals in tourism and travel align with Blackstone's strategic direction.
The full effects of the acquisition will materialize in the longer term, especially as the resort begins operations and contributes to revenue. Previous investments took time to yield returns but ultimately had significant positive impacts.
Blackstone (NYSE: BX) and Allegiant Travel Company (NASDAQ: ALGT) today announced that funds affiliated with Blackstone Real Estate have agreed to acquire Sunseeker Resort Charlotte Harbor from Allegiant for $200 million.
With 785 rooms spanning 22 waterfront acres on the Gulf Coast of Florida, Sunseeker Resort Charlotte Harbor is a brand-new resort with extensive core amenities, including multiple food and beverage concepts, two pools, a spa, a fitness center, a rooftop adult pool and bar, a championship golf course, and more than 60,000 square feet of combined indoor meeting space.
Scott Trebilco, Senior Managing Director at Blackstone Real Estate, said: "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. Allegiant has built a fantastic property and we look forward to bringing our extensive experience with large scale resorts to Sunseeker."
"Blackstone's extensive hospitality holdings and their execution capabilities make them the ideal counterparty for this transaction and also to help realize the full potential of Sunseeker Resort," said Gregory C. Anderson, CEO at Allegiant Travel Company. "Furthermore, it supports Allegiant's strategy centered around the airline and we plan to use the proceeds from the sale to repay debt and strengthen our balance sheet."
Barclays served as financial advisor to Allegiant on this transaction.
The transaction is expected to close in the third quarter of 2025, subject to satisfying customary conditions.
Blackstone is a global leader in real estate investing. Blackstone's real estate business was founded in 1991 and has US $320 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone's Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).
Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket. For more information, visit us at Allegiant.com. Media information, including photos, is available at http://gofly.us/iiFa303wrtF
Blackstone
Jeffrey Kauth
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Email: media@allegiant.com
SOURCE Allegiant Travel Company