Hyatt Regency Pier 66 Resort and Marina Now Up For Sale
One of Fort Lauderdale's most recognizable hotels is up for sale.
The Hyatt Regency Pier 66 Resort and Marina has been put on the market, and brokers from CBRE Hotels, who are marketing the property, estimate it could sell for $200 million.
The property's brand agreement with Hyatt Hotels expires in 2016, the Sun Sentinel points out, so it will not necessarily remain a Hyatt under its new owners.
Private equity firm Blackstone Group of New York is the current owner.
"Blackstone is delivering it unencumbered by brand or management, which makes it even more attractive to the investment community, so a new owner can sign an agreement with any hospitality company or go independent," Christian Charre, senior vice president of CBRE Hotels, said. "It’s very valuable because it gives people choices, ability to control destiny."
Of particular appeal is the 22.7-acre site's marina. Considered one of Florida's largest, it has 112 slips—16 of those for superyachts.
"To find a piece of real estate of this size with a marina—you can count them on one hand," Charre told the Miami Herald.
Another advantage for the buyer is the opportunity to develop the land for residential and retail use according to city-approved plans.
The mixed-use development plans call for two 11-story residential towers with a total of 58 units, more than 30,000 square feet of retail and office space, 230 new parking spots, and a rooftop pool and gardens.
"They waited first to get the development entitlements approved by the city of Fort Lauderdale before selling the asset, which will have value for a new owner," Charre explained.
The Hyatt Regency Pier 66 property already has a 17-story tower, two lanai-style two-story buildings, five food and beverage outlets, three tropical oasis pools with cascading waterfalls, 41,000 square feet of event space (including the renovated waterfront Panorama ballroom), and a two-story yacht brokerage building.
(Photo via Facebook/Hyatt Regency Pier 66)