Blackstone lists Hyatt Regency Pier 66 for sale
The Fort Lauderdale property includes land approved for two 11-story residential buildings
February 06, 2016 09:20AM
Hyatt Regency Pier 66 hotel and marina
New York-based private equity firm Blackstone Group listed the Hyatt Regency Pier 66 hotel and marina in Fort Lauderdale for sale.
Commercial brokerage CBRE has the listing for the 384-room hotel and 127-slip marina at 2301 Southeast 17 Street.
“There’s no asking price, but we think it probably will sell somewhere close to $200 million,” Christian Charre, senior vice president of CBRE, told the Sun-Sentinel.
“We expect a lot of interest in this property and a highly competitive enviroment with several rounds of bidding and a wide range of offers,” he said.
The site also has been approved for development of 58 residential units in two 11-story buildings with retail and office space exceeding 30,000 square feet.
Blackstone “waited first to get the development entitlements approved by the city of Fort Lauderdale before selling the asset, which will have value for a new owner,” Charre told the Sun-Sentinel.
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.
Blackstone sold the Bahia Mar lease in July 2014 and listed the Boca Raton Resort & Club for sale in November 2014. [Sun-Sentinel] — Mike Seemuth
Source: The Real Deal