TSSP announces $175m funding for Allegiant’s Sunseeker Resort in US

WCN Editorial Team 19 Mar 2019 NORTH AMERICA BUILDINGS

Leisure travel company Allegiant Travel and finance and investment firm TPG Sixth Street Partners (TSSP), in a partnership with TPG, have announced an agreement to finance the development of Sunseeker Resorts Charlotte Harbor in the Charlotte County/Punta Gorda area in southwest Florida, US.

Under the agreement, TSSP has committed an initial funding of $175m for the construction of the inaugural hotel development under Allegiant’s Sunseeker Resorts brand.

The initial commitment is part of a long-term, potential $1bn partnership to develop the Sunseeker Resorts imprint and will enable the development of future phases for Sunseeker Resorts Charlotte Harbor, additional properties or related ventures.

Sunseeker Resorts Charlotte Harbor, to be located near the Punta Gorda Airport (PGD), a base of operations for Allegiant Air, will be the largest resort in the region.

Phase I of the resort is expected to include 510 hotel rooms, 189 extended-stay suite units, meeting and conference space, as well as restaurants, bars and retail outlets along a scenic harbour walk.

Currently, Allegiant Air operates flights from nearby St Pete-Clearwater International Airport (PIE), Orlando Sanford International Airport (SFB) and Sarasota-Bradenton International Airport (SRQ), all within a two-hour drive of Charlotte Harbor.

Allegiant Air caters to nearly eight million leisure travellers every year.

The partnership between air transportation and hospitality is expected to provide easy access to the resort location, while capitalising on the direct-to-customer sales model, which has been responsible for Allegiant’s success as a low-cost airline with a focus on leisure travel.

Allegiant Travel president John Redmond said: “We are so pleased to partner with TSSP – not only for strategic capital to construct our inaugural resort in Charlotte Harbor, but also to develop the Sunseeker Resorts brand, where we share a vision for tremendous opportunity in the future.

“We look forward to working with TSSP to develop a premier leisure destination that brings great value, world-class facilities and innovative service to our customers, brings jobs and economic opportunity to the region, and supports the evolution of Allegiant as a multi-faceted leisure travel company.”

Goldman Sachs acted as sole financial advisor in the transaction.

TSSP partner Clint Kollar said: “We are pleased to be financing the introduction of a unique resort brand that integrates the strength of a proven airline operation with a tremendous existing customer base and a highly successful direct-sales model.”

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Image: TSSP announces $175m funding for Allegiant’s Sunseeker Resort in US. Photo: Courtesy of Allegiant Travel Company.

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