The Margaritaville Hollywood Beach Resort was sold for $126.52 million
April 17, 2018
The Margaritaville Hollywood Beach Resort was sold to KSL Capital Partners for $126.52 million, according to two transactions in county records.
The 349-room hotel at 1111 and 1112 North Ocean Drive opened in 2015 with a host of Jimmy Buffett-branded restaurants and amenities. Margaritaville Hollywood Beach Resort L.P., with majority investor Starwood Capital Group in Greenwich, Connecticut and co-investor Lojeta Realty led by Lon Tabatchnick, sold the deed for the hotel for $97.93 million and the ground lease on the 4.6-acre site for $28.59 million.
Bank of America provided a $123.5 million mortgage to the buyer, MVHF LLC, an affiliate of Denver-based hospitality private equity firm KSL Capital Partners.
The price equated to $362,521 per room.
Margaritaville marked a resurgence for Hollywood Beach with a major resort hotel. It features a Flow Rider surf simulator, the St. Somewhere Spa, JWB Steak and Seafood, the Jimmy Buffett’s Margaritaville restaurant, LandShark Bar & Grill, Floridays Airstream Cafe and the 5 o’Clock Somewhere Bar & Grill.
Source press The South Florida Business Journal