The Blackstone Group has sold the Hyatt Regency hotel and marina to Tavistock Development Company, led by British businessman Joe Lewis, for $163.27 million.
The deal was made by Blackstone group affiliate 2301 SE 17th St. LLC which sold the property to Pier 66 Ventures, part of Tavistock Development in two transactions and an all-cash deal.
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This site could be redeveloped under a plan recently approved by the city for two 11-story condo towers with mixed-use of 58 residential units with retail and office space of 30, 000 square feet, a three-story parking garage and a two-story valet garage.
Tavistock Development is best known for developing the 14-square-mile Lake Nona community in Orlando. The company also owns restaurants such as Abe & Louie’s in Boca Raton and Timpano in Fort Lauderdale.
Tavistock Development said in a press release it will announce plans of its renovation for the property in 2017.
According to The Real deal, the New York-based private equity firm Blackstone acquired the Pier 66 property from Boca Resorts Inc. two years ago in a $1.25 billion deal together with the Boca Raton Resort & Club and a lease on the Bahia Mar hotel and marina in Fort Lauderdale.
Blackstone sold the Bahia Mar lease in July 2014 and listed the Boca Raton Resort & Club for sale later that year.
