While local residents await progress on the long-anticipated inaugural Sunseeker Resort in Punta Gorda, Allegiant Travel Co. has been laying the financial groundwork so that it can begin actually laying the groundwork for the project.
Allegiant and its Sunseeker Resorts division has formed a strategic agreement with global finance and investment firm TPG Sixth Street Partners for as much as a $1 billion partnership.
TPG Sixth Street has committed $175 million in initial funding for construction of the first hotel development under Allegiant’s Sunseeker Resorts brand. That could lead to a partnership to develop the Sunseeker Resorts imprint and future phases of Sunseeker Resorts Charlotte Harbor or additional joint ventures.
“We are so pleased to partner with TSSP, not only for strategic capital to construct our inaugural resort on Charlotte Harbor, but also to develop the Sunseeker Resorts brand where we share a vision for tremendous opportunity,” says Allegiant President John Redmond in a statement. “We look forward to working with TSSP to develop a premier leisure destination that brings great value, world-class facilities and innovative service to our customers, brings jobs and economic opportunity to the region, and supports the evolution of Allegiant as a multi-faceted leisure travel company.”
Sunseeker Resorts Charlotte Harbor is near Punta Gorda Airport, where Allegiant Air served more than 1.5 million passengers in 2018. Phase I of the resort is expected to include some 510 hotel rooms, 189 extended-stay suite units and meeting and conference space as well as restaurants, bars and retail outlets along the harbor.
Founded in 1992, TPG has approximately $103 billion of assets under management across a range of asset classes including private equity, growth venture, real estate, credit and public equity.