Pebblebrook Resort Have confidence in is shopping for Margaritaville Hollywood Seaside Resort for $270 million, which would be the largest South Florida hotel sale this yr.
The actual estate expenditure have confidence in is in contract to receive the 369-vital Jimmy Buffett-motivated vacation resort at 1111 North Ocean Push in Hollywood, in accordance to the business. Pebblebrook, just one of the country’s most significant lodge entrepreneurs, expects to shut on the offer in the third quarter at a price for every crucial of $731,700.
Maryland-primarily based Pebblebrook could think up to $161.5 million of secured, nonrecourse credit card debt, it stated.
The 18-story Margaritaville features an 11,000-square-foot spa, oceanside pools, an 11th-floor pool and 30,000 sq. ft of indoor and outside meeting place, in accordance to its web site. It sits on 4.6 acres.
The vendor is KSL Cash Companions, which bought the vacation resort in 2018 for $190 million. The deed was recorded for $97.9 million and the ground lease for $28.6 million, with furniture, fixtures and other resort ancillary uses probably accounting for aspect of the remaining $63.5 million.
KSL acquired it from Margaritaville Hollywood Beach front Vacation resort LP, a joint enterprise among residence developer Lon Tabatchnick and Starwood Capital Group. KSL declined remark.
Pebblebrook, led by president and CEO Jon Bortz, owns 51 lodges, totaling about 12,600 keys. In Florida, it owns the Hotel Colonnade in Coral Gables and two houses in Important West and a person in Naples. Most of its hotels and resorts are on the West Coast, together with Illinois, Pennsylvania and Massachusetts, in accordance to its web site.
The deal will come at a time when the South Florida lodge industry is still doing work its way back from pandemic closures and constraints. Tourism has returned but cruise and convention bookings are continue to down, which add to hotel organization.
Large-priced hotel expenditure product sales have also been scarce this 12 months.
A joint enterprise of the Allen Morris Organization, Stormont Hospitality and Black Salmon acquired Circa 39 lodge in Miami Beach for $25.5 million this thirty day period. In Edgewater, TPG Genuine Estate Associates bought two adjacent accommodations for $61 million, also this month.