South Seas sold
In an apparent below market valued transaction, South Seas Resort was acquired by Blackstone Group LP for $367 million in cash. In addition to the Captiva and Sanibel assets, the transaction included hotel properties owned by MeriStar Hospitality in Key Largo and Clearwater.
This transaction is certainly a positive for the SW Florida market as the famed resort has been closed since damaged by Hurricane Charley in August 2005. The 3,500 guests that visited the resort on a weekly basis have over the years ignited the SW Florida real estate market.
South Seas resort sold [News-Press]