Allegiant to Sell Sunseeker Resort to Blackstone for $200M
Allegiant Travel Company, parent of Allegiant Air, has agreed to sell its Sunseeker Resort Charlotte Harbor in Florida to Blackstone Real Estate for USD200 million. The deal is expected to close in the third quarter of 2025, following weeks of speculation about the resort’s future.
Allegiant CEO Gregory C. Anderson said the sale aligns with the company’s renewed focus on its core airline business. “This transaction supports Allegiant’s strategy centered around the airline, and we plan to use the proceeds to repay debt and strengthen our balance sheet,” he stated. As of Q1 2025, Allegiant’s total debt stood at USD1.7 billion.
The Sunseeker Resort, located in Southwest Florida, has long been considered a financial drag on the company. Initially announced in 2017, its opening was delayed by the COVID-19 pandemic and finally launched in 2023. The resort includes 785 guestrooms and approximately 60,000 square feet of meeting and event space.
Despite its luxury features and prime location, the resort significantly underperformed expectations. Earlier this year, Allegiant CFO Robert Neal valued the property at around USD600 million, meaning the USD200 million sale represents a considerable write-down.
The transaction marks a strategic exit for Allegiant from the hotel and resort sector, allowing it to refocus capital and management efforts on airline operations. The deal also adds to Blackstone’s growing portfolio of hospitality assets, underscoring continued investor interest in Florida’s tourism-driven real estate market.
Related News: https://airguide.info/category/air-travel-business/airline-finance/
Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com