Blackstone Real Estate has reached an agreement to acquire the Sunseeker Resort Charlotte Harbor from Allegiant Travel Company for $200 million. The deal is expected to close during the third quarter of 2025, contingent upon standard regulatory and closing conditions. The acquisition reflects Blackstone’s ongoing strategy of investing in premium hospitality assets located in desirable destinations.
Situated on 22 acres of prime waterfront property along Florida’s Gulf Coast, the Sunseeker Resort is a large-scale hospitality project boasting 785 rooms, 20 food and beverage venues, a state-of-the-art marina, multiple pools, a full-service spa, and an 18-hole championship golf course. In addition, the resort features over 60,000 square feet of meeting and event space, positioning it as a major player in Florida’s competitive convention and leisure travel market.
The resort officially opened in December 2023 after a series of delays caused by the COVID-19 pandemic and a construction fire that impacted its timeline. Despite its upscale amenities and ambitious design, the property struggled to reach anticipated performance levels. In the fourth quarter of 2024, Sunseeker reported an occupancy rate of just 54%, well below the industry standard for large resorts in peak tourist destinations.
Allegiant Travel, the budget airline parent company that developed Sunseeker as part of a broader tourism investment strategy, faced significant financial headwinds related to the resort. In its 2024 financial disclosures, Allegiant reported a $321 million impairment charge related to the property and an additional $5.7 million in damages stemming from hurricanes Helene and Milton. These financial pressures, combined with underperformance and a desire to streamline operations, contributed to the decision to divest the asset.
Blackstone’s acquisition is widely viewed by analysts as a tactical move to acquire a high-value but underperforming asset with strong long-term potential. The firm, known for its expansive global portfolio of real estate and hospitality holdings, has expressed confidence in its ability to optimize the resort’s operations and profitability.
Scott Trebilco, Senior Managing Director at Blackstone, emphasized the strategic value of the deal, stating, “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.”
For Allegiant, the divestiture marks a pivot back toward its core aviation business. The proceeds from the sale will primarily be used to pay down debt and reinforce the company’s balance sheet. Allegiant CEO Gregory C. Anderson commented, “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.”
The deal represents a broader trend within the travel and hospitality sector, where major investment firms are increasingly targeting distressed or underutilized properties that can be repositioned for growth. With the travel industry continuing its recovery post-pandemic, strategic acquisitions such as this are seen as key opportunities for long-term returns.
The financial markets responded to the announcement with moderate shifts. Blackstone Inc. (BX) shares were trading at $152.99, down slightly by $2.14 (-0.01%), while Allegiant Travel (ALGT) saw a more pronounced dip, falling to $55.41 per share, down $4.90 (-0.08%) following news of the asset sale.
As Blackstone prepares to integrate Sunseeker into its expanding hospitality portfolio, industry observers will be watching closely to see if the private equity giant can revitalize the property and unlock its potential in the competitive Florida resort landscape.
The sale is projected to be finalized in the third quarter of 2025, pending final approvals.