The seller, Allegiant Travel Co., first disclosed its intention to offload the resort during a fourth-quarter earnings call in February. The $695 million, 785-room property was initially viewed as a bold diversification move for the Las Vegas-based airline operator. It opened in December 2023, three years behind schedule and $225 million over budget, after facing pandemic delays and a construction fire.

The 22-acre waterfront resort includes multiple restaurants, three pools, a golf course, and other high-end amenities. Allegiant had pitched it as a tourism anchor for the Charlotte Harbor region, hoping to capture leisure and group travel demand along Florida’s Gulf Coast.

Since opening, the property has faced challenges. Occupancy has remained steady at around 54%, with an average nightly rate of $238. The resort also sustained approximately $5.7 million in hurricane damage last fall.

Blackstone, one of the world’s largest real estate investors, has been expanding its presence in the travel and hospitality sectors amid a post-pandemic recovery. The firm’s global portfolio includes major resort and lodging assets.

Scott Trebilco, senior managing director at Blackstone, described Sunseeker as “brand new” and “highly amenitized,” adding that the firm is “excited to bring our operational expertise in large-scale resorts to Sunseeker.”

The sale has fueled speculation about whether Blackstone might pursue casino gaming at the property, particularly given Allegiant’s Las Vegas roots. But legal experts say a casino at Sunseeker is highly unlikely. Florida law restricts gambling operations to tribal entities, namely the Seminole and Miccosukee tribes, and federal rules make it exceedingly difficult to establish a casino on non-tribal land.

Blackstone has not indicated any interest in adding gaming. The company has instead emphasized its focus on enhancing Sunseeker’s appeal as a luxury group and leisure destination.

The transaction is expected to close in the third quarter of 2025, pending regulatory approvals.

The post Blackstone to Buy Sunseeker Resort in $200M Deal appeared first on Englewood Review.