Blackstone Real Estate has agreed to acquire the 785-room Sunseeker Resort Charlotte Harbor from Allegiant Travel Company for $200 million, raising interest in how one of the world’s top asset managers plans to reposition a waterfront property that launched just last year. The move reflects a broader shift in resort ownership dynamics along Florida’s Gulf Coast, with institutional investors stepping into hospitality spaces where operators step out.
Allegiant opened the Sunseeker in late 2023 after a series of costly setbacks, including pandemic-related delays and hurricane damage. However, the resort struggled to meet expectations, with occupancy hovering below 60%. As mounting financial pressure forced Allegiant to absorb a $321 million impairment, the company chose to divest and redirect its focus to its core airline operations.
For Blackstone, the acquisition represents a strategic entry point at a competitive price per key, well under prevailing regional benchmarks. With its waterfront location, 60,000 square feet of meeting space, and leisure-focused amenities including a golf course and rooftop dining, the property aligns with Blackstone’s focus on high-potential group and destination resorts. The investment fits within its broader portfolio approach of transforming underperforming assets through targeted management and capital improvements.
The transaction also reflects a growing trend across travel and real estate: the rise of asset-light models in hospitality. As airlines and lifestyle brands shed physical holdings, institutional capital continues to deepen its presence in tourism-driven markets. Despite concerns around Florida’s storm resilience, Charlotte Harbor’s appeal, bolstered by ongoing infrastructure investment and market growth, adds weight to Blackstone’s long-term play.
Completion of the sale is expected in Q3 2025. For Allegiant, the exit may signal relief from operational distractions and balance sheet strain. For Blackstone, it opens the door to influence the future of a landmark Gulf Coast resort at a time when experience-led real estate is becoming a critical asset class.
