Pebblebrook Hotel Trust Acquires Margaritaville Hollywood Beach Resort in Florida for $270M
HOLLYWOOD, FLA. — Pebblebrook Hotel Trust (NYSE: PEB) has acquired the 369-room Margaritaville Hollywood Beach Resort in Hollywood. An affiliate of KSL Capital Partners LLC sold the asset for $270 million. Davidson Hospitality Group will continue to manage the lifestyle resort.
Margaritaville Hollywood Beach Resort is located on 6.2 acres off the Hollywood Boardwalk with 450 linear feet of direct beach frontage. Built in 2015, the resort includes over 30,000 square feet of indoor and outdoor event space overlooking the Atlantic Ocean. The resort also features eight dining venues, including Jimmy Buffet’s Margaritaville, Landshark Bar & Grill, JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill and Floridays Airstream Cafe.
Resort amenities also include the 11,000-square-foot St. Somewhere Spa, Fitness and Salon, multiple outdoor swimming pools, 22 full-service cabanas, the Flowrider Surf Simulator, the Parakeets Kid’s Club, retail outlets and live entertainment nightly at one of the resort’s several outdoor entertainment venues.
Located at 1111 N Ocean Dr., Margaritaville Hollywood Beach Resort is located about 16.2 miles from Miami Beach and 9.6 miles from Fort Lauderdale. The resort is also about 6.4 miles from the Fort Lauderdale International Airport.
Pebblebrook plans to make physical enhancements to the property including adding guestrooms, expanding the restaurant and bar offerings, and improving the merchandising and quality of the retail space. The resort will also become part of Curator Hotel & Resort Collection, which is a collection of small brands and independent lifestyle hotels and resorts worldwide, founded by Pebblebrook Hotel Trust and a group of hotel operators.
Pebblebrook funded the acquisition with approximately $108.5 million in cash, and assumed the $161.5 million of existing non-recourse, secured debt. The debt matures in May 2022 and provides for up to two one-year extensions to May 2024.