Sun Sentinel Palm Beach Edition
Margaritaville resort in Hollywood Beach sold
KLS Capital Partners will keep ‘no worries’ state of mind
The Jimmy Buffett-inspired Hollywood Beach resort Margaritaville has been sold to a private equity firm for $126.5 million, according to Broward County property records.
But the new owner, KLS Capital Partners, says the resort will keep Buffett’s easy-going “state of mind.” The resort and entertainment complex was designed to offer a “no worries” tropical vibe inspired by the lyrics and lifestyle of the singer, songwriter and author.
Buffet has even been known to show up and perform for guests.
The 349-room, 17-story resort, which opened in 2015, was built for $147 million, according to previous reports by the Sun Sentinel. The resort, at Johnson Street and State Road A1A, includes eight restaurants and bars, ocean-side pools, a FlowRider wave ride, spa and fitness center, and 30,000 square feet of convention space.
Davidson Hotels & Resorts has been named manager of the resort, according to KLS, a private equity firm that acquired the property earlier this week.
“The Margaritaville Hollywood Beach Resort is a tremendous opportunity to continue leveraging our expertise in brand building and resort operations,” said Davidson CEO John Belden. He said Margaritaville is KLS’ fourth destination resort in Florida.
KLS also owns the Don CeSar and Beach House Suites by The Don CeSar in St. Pete Beach, and Baker’s Cay Resort in Key Largo, which is scheduled to open later this year. The firm specializes in travel and leisure investments in hospitality, recreation, clubs, real estate and travel services, with offices in Denver, Stamford, Conn., and London.
The Margaritaville Hollywood Beach resort received a AAA four-diamond designation for 2016.