The icnonic Hyatt Regency Pier Sixty-Six Resort and Marina in Fort Lauderdale is for sale — for buyers who can afford a likely nine-figure price tag.
The 22.7-acre property, owned by global investment firm Blackstone, has been put on the market and is expected to sell for $200 million, which would rank it among the largest local hotel sales in recent years. Broker CBRE Hotels is handling the sale.
Included in the sale will be city-approved plans to build two 11-story, 58-unit residential towers on the property, as well as a three-story parking garage with rooftop pool and 30,000 additional square feet of retail and office space. The new owners will also be able to attach a new brand and management to the property.
The 384-room resort, from its location on Intercoastal Waterway in Fort Lauderdale, has been a landmark of the area since the 1960s, famous for its rotating top-floor cocktail lounge, now an event space.
Christian Charre, senior vice president of CBRE Hotels, said the true appeal of the property is the marina, which recently underwent a $23 million renovation and includes 112 slips and space for 16 super yachts.
“To find a piece of real estate of this size with a marina — you can count them on one hand,” Charre said.
The multimillion dollar cost reflects an upward swing in hotel prices in South Florida, said hotel consultant Scott Brush.
Pier Sixty-Six’s premier location puts it at the high end of that upward slope, Brush said. It’s location in Fort Lauderdale, where hotels have been slow to go up since the recession, sweetens the deal.
“Considering it includes the marina, that [price] is certainly not out of line with what’s been going on,” Brush said.
Over the past several years, Broward hotels have sold for a pretty penny. The 998-room Diplomat in Hollywood sold in August 2014 for more than $500 million. Other sales have included the Sheraton Fort Lauderdale Beach Hotel for $100 million, Westin Beach Resort & Spa in Fort Lauderdale for $149 million and former B Ocean Fort Lauderdale, now Sonesta, for $65 million.
Update: An earlier version of this story implied the hotel would be demolished. The existing hotel will remain but change ownership.