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

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.

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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.