NATIONAL REPORT—A Florida entertainment destination and a Hawaiian resort are among the recently acquired properties this week. Here’s a closer look:
Margaritaville Hollywood Beach Resort Is Acquired
An affiliate of private equity firm KSL Capital Partners LLC (KSL) has acquired the Margaritaville Hollywood Beach Resort. The oceanfront resort and entertainment destination is located on the Hollywood Beach Boardwalk in Hollywood, FL.
The 349-guestroom and suite flagship property for the Margaritaville brand offers live entertainment along with eight diverse restaurant and bar concepts, a full-service spa and three pools. Davidson Hotels & Resorts has worked with KSL through the acquisition process and has been named manager of the resort.
“We have confidence that Davidson’s team culture, brand knowledge and unmatched support services are the key ingredients to driving investment value and improving operational performance,” said Bernard Siegel, a partner at KSL.
“The Margaritaville Hollywood Beach Resort is a tremendous opportunity to continue leveraging our expertise in brand building and resort operations,” said Davidson’s CEO John Belden. “This will be our fourth destination resort in Florida, joining the iconic Don CeSar and Beach House Suites by The Don CeSar in St. Pete Beach and the naturally luxurious Baker’s Cay Resort in Key Largo, set to open later this year.”
“We are excited to welcome both a best-in class sponsor like KSL and a proven operator like Davidson Hotels & Resorts to our flagship resort,” said John Cohlan, CEO of Margaritaville. “Together we look forward to continue to provide a unique vacation ‘state of mind’ experience for all our guests.”
Diamond Resorts Acquires The Modern Honolulu
Diamond Resorts has closed on the acquisition of The Modern Honolulu, a boutique hotel in Honolulu, marking the company’s first managed property on Oahu and third in Hawaii.
The property adds to Diamond Resorts’ collection of premier resorts, and is the company’s first managed property on Oahu. The hotel’s aesthetics offer a modern Hawaiian vibe, ocean and marina views, multiple food and beverage offerings, a full-service spa and two swimming pools. In addition, guests have immediate access to Waikiki Beach, as well as shopping and dining on Kalakaua Ave. and at Ala Moana Center.
Several enhancements to the resort are planned, including opening a sales center providing the company with new owner sales opportunities and a gateway to the Japanese, Asian and Australasian markets. The Modern has also commenced a search to relaunch its restaurant with a new operator in the space once occupied by Morimoto. A repositioning plan is also underway to gradually convert guestrooms into larger suites.
“The Modern Honolulu exemplifies our company ethos of providing experiential vacations and flexible product use options,” said Michael Flaskey, CEO of Diamond Resorts. “In addition to superior room quality, amenities and service, our members and guests can look forward to unique resort experiences through our Events of a Lifetime and Diamond Live concert series platforms.”