{"id":1004222613,"date":"2018-04-23T03:53:14","date_gmt":"2018-04-23T11:53:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004222613"},"modified":"2022-12-07T19:44:47","modified_gmt":"2022-12-08T03:44:47","slug":"chill-deal-margaritaville-resort-in-south-florida-sells-for-127m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chill-deal-margaritaville-resort-in-south-florida-sells-for-127m\/","title":{"rendered":"Chill Deal: Margaritaville Resort in South Florida Sells for $127M"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

\"Margaritaville<\/a>

Margaritaville Hollywood Beach Resort in Hollywood, Fla<\/p><\/div>\n

Private equity firm KSL Capital Partners LLC, of Denver, has acquired the 17-story, 349-key Margaritaville Hollywood Beach Resort, in Hollywood, Fla., KSL announced.<\/p>\n

Financials on the deal were not disclosed, but the Miami Herald<\/em> reported, based on county property records, that the price was $126.5 million: $97.9 million for the resort and $28.6 million for the ground lease.<\/p>\n

KSL did not reply to Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n

The AAA Four Diamond-rated resort, reportedly the flagship property for the Margaritaville brand, features eight restaurant and bar concepts, including Jimmy Buffett\u2019s Margaritaville, LandShark Bar & Grill and the Five o\u2019 Clock Somewhere Bar & Grill; a full-service spa; three pools; a fitness center; a variety of shopping outlets; 30,000 square feet of flexible function space; and three live entertainment venues, all in an oceanfront setting.<\/p>\n

The location is only minutes from the Fort Lauderdale-Hollywood International Airport and Port Everglades, a major cruise and container port.<\/p>\n

Davidson Hotels & Resorts, of Atlanta, will manage the resort for KSL Capital Partners<\/a>.<\/p>\n

Good and bad deals<\/h2>\n

In a late 2017 survey of South Florida hospitality sector<\/a> executives, consultancy EY found agreement that in the South Florida market, \u201cthere are good deals and bad deals; the focus needs to be on specific asset and submarket considerations<\/em>.\u201d<\/p>\n

More specifically, capital markets perceive Miami as slightly oversupplied, and buyers are often seeking opportunities to \u201ccreate value from stagnant assets.<\/em>\u201d On top of the lack of a convention center, Miami had issues because of the Zika virus outbreak in 2015 and 2016.<\/p>\n

The most-cited barriers to hotel deals in South Florida, according to EY, are low returns and high development costs. Roughly a third of those surveyed believe that alternative lodging, such as Airbnb, will have a significant impact on future development, while a quarter cited natural disasters and rising sea levels.<\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

KSL Capital Partners is the new owner of the 349-key flagship property, which will be managed by Davidson Hotels & Resorts.<\/p>\n","protected":false},"author":882,"featured_media":1004222649,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,21783,1492,21742],"tags":[33769,34620,33573,34050],"class_list":["post-1004222613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-investment","category-miami","category-latest","tag-davidson-hotels-resorts","tag-ernst-and-young-llp","tag-ksl-capital-partners","tag-margaritaville-holdings"],"acf":[],"yoast_head":"\nChill Deal: Margaritaville Resort in South Florida Sells for $127M - 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\/chill-deal-margaritaville-resort-in-south-florida-sells-for-127m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chill Deal: Margaritaville Resort in South Florida Sells for $127M\" \/>\n<meta property=\"og:description\" content=\"KSL Capital Partners is the new owner of the 349-key flagship property, which will be managed by Davidson Hotels & Resorts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chill-deal-margaritaville-resort-in-south-florida-sells-for-127m\/\" \/>\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=\"2018-04-23T11:53:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T03:44:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Margaritaville-Hollywood-Beach-Resort-in-Hollywood-Fla.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chill-deal-margaritaville-resort-in-south-florida-sells-for-127m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chill-deal-margaritaville-resort-in-south-florida-sells-for-127m\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Chill Deal: Margaritaville Resort in South Florida Sells for $127M\",\"datePublished\":\"2018-04-23T11:53:14+00:00\",\"dateModified\":\"2022-12-08T03:44:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chill-deal-margaritaville-resort-in-south-florida-sells-for-127m\\\/\"},\"wordCount\":335,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chill-deal-margaritaville-resort-in-south-florida-sells-for-127m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/04\\\/Margaritaville-Hollywood-Beach-Resort-in-Hollywood-Fla.jpg\",\"keywords\":[\"Davidson Hotels & Resorts\",\"Ernst and Young LLP\",\"KSL Capital Partners\",\"Margaritaville Holdings\"],\"articleSection\":[\"Deals\",\"Featured\",\"Hotel\",\"Investment\",\"Miami\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chill-deal-margaritaville-resort-in-south-florida-sells-for-127m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chill-deal-margaritaville-resort-in-south-florida-sells-for-127m\\\/\",\"name\":\"Chill Deal: Margaritaville Resort in South Florida Sells for $127M - 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