The Real Deal Miami

Blackstone sells Pier 66 site in Fort Lauderdale to Orlando firm for $163M

Site approved for development of 58 residential units and retail and office space
By Katherine Kallergis | December 08, 2016 08:45AM

Hyatt Regency Pier 66

Hyatt Regency Pier 66

Updated, 9:40 a.m., Dec. 8: The Blackstone Group has sold the Hyatt Regency Pier Sixty-Six hotel and marina to Tavistock Development Company for $163.27 million, in one of the biggest commercial deals in Broward County this year.

Records show 2301 SE 17TH St LLC sold the 22.7-acre property 2300 and 2301 Southeast 175h Street in Fort Lauderdale to Pier 66 Ventures LLC. It includes the 384-room, 17-story Hyatt hotel with a rotating, panorama rooftop, a 127-slip marina and developable land.

The site also has been approved for the mixed-use development of 58 residential units in two 11-story buildings with retail and office space exceeding 30,000 square feet. Tavistock will announce plans for the property next year, according to a press release. Interstate Hotels & Resorts will continue to operate the hotel and marina, the latter of which hosts the Fort Lauderdale International Boat Show.

Blackstone put the property on the market in February without an asking price. CBRE was the listing brokerage, telling the Sun-Sentinel earlier this year that it could sell in the $200 million-range. CBRE brokered both sides of the deal, Tavistock said.

Blackstone acquired the Pier 66 property from H. Wayne Huizenga’s Boca Resorts Inc. in 2004 in a $1.25 billion deal together with the Boca Raton Resort & Club and a lease on the Bahia Mar hotel and marina in Fort Lauderdale. The New York-based private equity firm sold the Bahia Mar lease in July 2014 and listed the Boca Raton Resort & Club for sale later that year.

Tavistock, based in Orlando, is known for Lake Nona, a 14-square-mile community the firm founded and developed in Central Florida.

Records show the company did not take out any financing for the Pier 66 deal.