FORT LAUDERDALE, FLA. — Tavistock Development Co., an Orlando-based real estate development firm, has acquired the Pier Sixty-Six Marina and Hyatt Regency hotel in Fort Lauderdale. The sales price and seller weren’t disclosed, but the South Florida Business Journal reports that Tavistock purchased the assets from an affiliate of Blackstone (NYSE: BX) for $163.3 million.
Situated on 22 waterfront acres along the Intracoastal Waterway, Pier 66’s 17-story tower features a rotating panorama rooftop. The property’s 127-slip yacht marina is one of the largest in the state and recently served as a host location of the 56th Fort Lauderdale International Boat Show. Tavistock has retained Interstate Hotels & Resorts to operate the 384-room hotel and marina.
The Pier Sixty-Six Marina and Hyatt Regency hotel in Fort Lauderdale features a swimming pool and a rotating panorama rooftop.
Pier Sixty-Six also has approved entitlements for the addition of 58 residential units in two 11-story buildings with 30,000 square feet of retail and office space.
“When we first discovered that this special property was available, we knew there were incredible opportunities to leverage the collective experience of our teams and further establish this iconic hotel and marina as one of Fort Lauderdale’s defining destinations,” says James Zboril, president of Tavistock Development, which is owned by Tavistock Group.
CBRE Group Inc. facilitated the deal between the seller and Tavistock Development, including the redevelopment rights.
Tavistock Group has investments in more than 200 companies in 15 countries. The company’s portfolio includes Albany, a 600-acre luxury resort community in The Bahamas jointly owned by Tavistock Group and golfing greats Tiger Woods and Ernie Els; St. Regis Atlanta, the 26-story luxury hotel and residential towers in Atlanta’s Buckhead district; and Lake Nona, a 14-square-mile, master-planned community in Orlando.
The firm’s portfolio also includes the Tavistock Restaurant Collection, which operates 16 restaurant concepts, including Abe & Louie’s in Boca Raton and Timpano, which has a location on Las Olas Boulevard in Fort Lauderdale.
New York-based Blackstone is a global real estate investment firm with $361 billion of assets under management as of Sept. 30. The company’s stock price closed at $28.61 per share on Wednesday, Dec. 7, down from $29.99 per share a year ago.
— John Nelson