Blackstone to Buy Allegiant Florida Resort for $200 Million (1)

Blackstone Inc. has agreed to purchase Allegiant Travel Co.’s Sunseeker Resort for $200 million, far less than the $720 million that the parent of Allegiant Airlines spent building the beleaguered retreat.

The sale is expected to close in the third quarter of this year, according to a statement Monday that confirmed an earlier Bloomberg News report. Allegiant will use the proceeds to repay debt.

Sunseeker Resort in Charlotte Harbor, Florida.

Photographer: Sunseeker Resort/ PR Newswire

The sale ends Allegiant’s effort to extend its travel business into hospitality with the ambitious Port Charlotte, Florida destination resort. Sunseeker was built over budget and four years behind schedule. Hobbled by the ...