Allegiant selling majority interest in Port Charlotte Sunseeker resort

Allegiant Travel Co. is selling “at least” a majority of its stake in its year-old Sunseeker Resort Charlotte Harbor and may already be fielding potential offers.

The Las Vegas company announced the news Tuesday afternoon in its fourth quarter and end-of-year earnings statement.

Gregory Anderson, Allegiant’s president and CEO, says in the report that the company has “progressed meaningfully with our comprehensive review of Sunseeker Resort” that was initiated late last year and has decided to launch a competitive process to sell a majority — or more — of its interest.

He adds that the company is already “reviewing promising indications of interest from several investors.”

The Sunseeker opened Dec. 15, 2023 — three years later than expected and $225 million over budget.

The delays were caused by myriad unforeseen problems that repeatedly stopped construction and led to the cost overruns. These ranged from COVID in 2020 to Hurricane Ian in 2022 to a fire in early 2023.

And after the resort opened, it was hit by low occupancy numbers throughout the year and $5.7 million in damage from Hurricanes Milton and Helene.

According to the earnings report, fourth quarter occupancy was 54%, by far the highest in its first year, and the average room rate was $238.

Allegiant recorded a $321.8 million impairment charge in the quarter.