Blackstone to acquire Sunseeker Resort for $200M

Las Vegas-based Allegiant Travel Co. is selling its underperforming Sunseeker Resort Charlotte Harbor to Blackstone for $200 million, the companies announced July 7. The transaction is expected to close in the third quarter of 2025, pending customary conditions.

Located on 22 acres of waterfront property in Charlotte County, the 785-room resort opened in December 2023 after years of delays and more than $700 million in development costs. Allegiant’s move marks the end of its short-lived foray into hospitality as it refocuses on its core airline operations.

Blackstone, a global leader in real estate investing, is the world’s largest owner of commercial real estate with $320 billion in investor capital under management. Its real estate business, founded in 1991, spans logistics, data centers, residential, office and hospitality across major global markets. Through opportunistic and Core+ funds —including Blackstone Real Estate Income Trust and Blackstone Mortgage Trust — the firm acquires both undermanaged assets and stabilized, income-generating properties.

“The acquisition of this brand-new, highly-amenitized resort demonstrates our strong conviction in hospitality and travel,” said Scott Trebilco, senior managing director at Blackstone Real Estate. “Allegiant has built a fantastic property, and we look forward to bringing our extensive experience with large-scale resorts to Sunseeker.”

Gregory C. Anderson, CEO of Allegiant Travel Co., said the deal will allow Allegiant to strengthen its balance sheet. “Blackstone’s extensive hospitality holdings and their execution capabilities make them the ideal counterparty for this transaction,” he said. “… Furthermore, it supports Allegiant’s strategy centered around the airline and we plan to use the proceeds from the sale to repay debt.”

Allegiant began construction on Sunseeker in 2019 after acquiring the land for $30 million. Initially slated to open in 2020, the project was beset by setbacks including a 17-month pandemic pause, $35 million in hurricane damage and a 2023 construction fire. Despite opening with luxury amenities — including 20 bars and restaurants, a rooftop retreat, championship golf course, and 60,000 square feet of meeting space — Sunseeker failed to meet financial expectations. It posted a 54% occupancy rate in the fourth quarter of 2024, rising to 60% in early 2025.

Charlotte County officials long supported the project, seeing it as key to post-Hurricane Ian recovery. The resort helped replace 250 lost hotel rooms and boosted tourist development tax collection, county Tourism Director Sean Doherty said in February.

Despite rising occupancy, Allegiant recorded a $321.8 million impairment charge in late 2024 and began exploring strategic options, eventually enlisting Prospect Hotel Advisors to review the property’s performance.