February 4, 2023

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Allegiant to resume work on $510M Florida resort

Dive Quick

  • Allegiant Journey Firm announced that it will resume building this month on its Sunseeker Resort in Charlotte County, Florida, soon after it experienced been halted due to the pandemic and its destructive effects on the journey and hospitality field.
  • John Redmond, president of Allegiant, said all through a press meeting final 7 days that Allegiant strategies to finish development in just 18 months, and that the waterfront resort north of Fort Myers is anticipated to open by early 2023.
  • All through an trader phone on Thursday, Redmond reported that when total, the growth on the Peace River will be as opposed to any other in the point out for the reason that it will be built 16 feet over the signify superior-tide line, generating it far better geared up to avoid injury from hurricanes.

Dive Insight

As the coronavirus pandemic enters a new, unsure period with the delta variant creating spikes in scenarios, the fate of the hospitality market is nevertheless up in the air. Even so, tourism in the Sunshine Condition looks to be rebounding from previous year’s COVID-19 difficulties. For occasion, in a six-7 days stretch in June and July, Orlando-location inns and motels recorded document occupancy, in accordance to news outlet WESH 2.

Allegiant’s second-quarter earnings show the enterprise acquired shut to pre-pandemic ranges of earnings, bringing in $472.4 million very last quarter, when compared to $491.8 million two yrs ago.

The Sunseeker challenge has been bolstered by a new $350 million loan from an undisclosed loan company, with the resort as collateral, in accordance to the Sarasota Herald Tribune.

Redmond is fully commited to sticking to the timeline, he explained in the press launch. When the project was paused, it was about a 3rd of the way developed, according to executives on the trader simply call, and the total job has an believed funds of about $510 million. 

“When we to start with announced a temporary pause in design, we often envisioned restarting in just 18 months. I am satisfied to say that we are appropriate on observe,” Redmond said.

When concluded, the resort will have 500 resort rooms, along with 55,000 sq. ft of assembly and meeting house and 19 restaurants and bars. Tied into the hotel’s construction is also a golf system, which is currently being renovated as a deal with the hotel, and will open at the same time.

Performing on the golf system renovations is Kipp Schulties, who has made golf courses at Boca Raton Resort & Club and Quail Lodge Vacation resort & Club. The undertaking will employ about 800 building workers and will utilize 1,150 people after accomplished, according to a press launch

When talking with regional information station ABC7, Redmond was adamant about quashing any rumors that he was arranging to promote the project at any point in the procedure. Redmond also emphasised that because the resort was projected to bring in 2 million people today to the close by Punta Gorda Airport, it was vital to retain heading on the undertaking.

“We have never offered up on this job, ever,” Redmond explained to ABC7.