{"id":1004161716,"date":"2016-12-13T03:44:02","date_gmt":"2016-12-13T11:44:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004161716"},"modified":"2022-12-08T19:00:12","modified_gmt":"2022-12-09T03:00:12","slug":"fort-lauderdale-hotel-marina-commands-163m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fort-lauderdale-hotel-marina-commands-163m\/","title":{"rendered":"Fort Lauderdale Hotel & Marina Commands $163M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

Fort Lauderdale, Fla<\/strong>.\u2014Tavistock Development Co. has acquired Fort Lauderdale\u2019s Pier 66 Marina and Hyatt Regency Hotel, a 127-slip mega-yacht marina and a 384-key hotel, in Fort Lauderdale, Fla., from the Blackstone Group for $163 million.<\/p>\n

\"Hyatt<\/a>

Hyatt Regency Pier 66 in For Lauderdale, Fla.<\/p><\/div>\n

\u201cPier 66 has been an iconic waterfront property for decades, in an ideal location, in the yachting capital of the world,\u201d Jim Zboril, Tavistock Development Co.\u2019s president, told Commercial Property Executive<\/em>. \u201cIt is the right project in the right market in an industry segment we love.\u201d<\/p>\n

The property 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.<\/p>\n

Located on 22 waterfront acres at 2301 Southeast 17th St., along the Intracoastal Waterway, Pier 66\u2019s 17-story main tower is an architectural icon of the Fort Lauderdale skyline with its famous rotating panorama rooftop.<\/p>\n

CBRE Group Inc. facilitated the deal between the seller and Tavistock Development Co., including the property acquisition and attendant redevelopment rights.<\/p>\n

\u201cIt\u2019s not very often you find 22 acres on the water with a fishing pole marina and a hotel,\u201d Christian Charre, CBRE Hotel\u2019s senior vice president, told CPE<\/em>. \u201cThe amenities of the resort and the size of the resort make it one of a kind, and it generated a lot of interest from both the boating world and the hospitality world.\u201d<\/p>\n

Tavistock is planning on upgrading the amenities and enhancing the experience of both the hotel and marina resort.<\/p>\n

\u201cThe good news is that we have the ability to be thoughtful in our planning, as both the hotel and marina are performing quite well,\u201d Zboril said. \u201cWe are evaluating plans and timing of those plans now, and hope to have more to announce in 2017.\u201d<\/p>\n

Pier 66 offers five on-site restaurants, three tropical pools with cascading waterfalls, 30,000 square feet of event space, a two-story yacht brokerage building, and one of the largest marinas in Florida. The landmark hotel has been in operation since the 1960s.<\/p>\n

According to Zboril, the company has kept its eye on Fort Lauderdale and believes now is the best time to strike in the market.<\/p>\n

\u201cThe city is doing some interesting things\u2014reinvesting in downtown and infrastructure, growing the job market,\u201d he said. \u201cWe\u2019ve been looking for the right opportunity for some time, and we\u2019re excited to\u00a0finally enter the South Florida market.\u201d<\/p>\n

The hotel and marina will continue to be operated by Interstate Hotels & Resorts.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tavistock Development is the new owner of the Pier 66 Marina and Hyatt Regency Hotel in Fort Lauderdale. <\/p>\n","protected":false},"author":451,"featured_media":1004508426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,1492,21742],"tags":[32858,33130,33129],"class_list":["post-1004161716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-miami","category-latest","tag-hyatt-hotels-corporation","tag-tavistock-development-company","tag-the-blackstone-group"],"acf":[],"yoast_head":"\nFort Lauderdale Hotel & Marina Commands $163M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fort-lauderdale-hotel-marina-commands-163m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fort Lauderdale Hotel & Marina Commands $163M\" \/>\n<meta property=\"og:description\" content=\"Tavistock Development is the new owner of the Pier 66 Marina and Hyatt Regency Hotel in Fort Lauderdale.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/fort-lauderdale-hotel-marina-commands-163m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-13T11:44:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:00:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Hyatt-Regency-Pier-66-in-For-Lauderdale.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"903\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fort-lauderdale-hotel-marina-commands-163m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/fort-lauderdale-hotel-marina-commands-163m\/\",\"name\":\"Fort Lauderdale Hotel & Marina Commands $163M - 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