Fort Lauderdale Hotel & Marina Commands $163M
- Dec 13, 2016
Fort Lauderdale, Fla.—Tavistock Development Co. has acquired Fort Lauderdale’s Pier 66 Marina and Hyatt Regency Hotel, a 127-slip mega-yacht marina and a 384-key hotel, in Fort Lauderdale, Fla., from the Blackstone Group for $163 million.
“Pier 66 has been an iconic waterfront property for decades, in an ideal location, in the yachting capital of the world,” Jim Zboril, Tavistock Development Co.’s president, told Commercial Property Executive. “It is the right project in the right market in an industry segment we love.”
The property also has approved entitlements for the addition of 58 residential units in two 11-story buildings with 30,000 square feet of retail and office space.
Located on 22 waterfront acres at 2301 Southeast 17th St., along the Intracoastal Waterway, Pier 66’s 17-story main tower is an architectural icon of the Fort Lauderdale skyline with its famous rotating panorama rooftop.
CBRE Group Inc. facilitated the deal between the seller and Tavistock Development Co., including the property acquisition and attendant redevelopment rights.
“It’s not very often you find 22 acres on the water with a fishing pole marina and a hotel,” Christian Charre, CBRE Hotel’s senior vice president, told CPE. “The amenities of the resort and the size of the resort make it one of a kind, and it generated a lot of interest from both the boating world and the hospitality world.”
Tavistock is planning on upgrading the amenities and enhancing the experience of both the hotel and marina resort.
“The good news is that we have the ability to be thoughtful in our planning, as both the hotel and marina are performing quite well,” Zboril said. “We are evaluating plans and timing of those plans now, and hope to have more to announce in 2017.”
Pier 66 offers five on-site restaurants, three tropical pools with cascading waterfalls, 30,000 square feet of event space, a two-story yacht brokerage building, and one of the largest marinas in Florida. The landmark hotel has been in operation since the 1960s.
According to Zboril, the company has kept its eye on Fort Lauderdale and believes now is the best time to strike in the market.
“The city is doing some interesting things—reinvesting in downtown and infrastructure, growing the job market,” he said. “We’ve been looking for the right opportunity for some time, and we’re excited to finally enter the South Florida market.”
The hotel and marina will continue to be operated by Interstate Hotels & Resorts.