Latest news with #AllegiantTravel
Yahoo
a day ago
- Business
- Yahoo
Allegiant Travel Company (ALGT) Sells Sunseeker Resort to Blackstone Real Estate; Morgan Stanley Maintains ‘Equal Weight' Rating
With a low P/E multiple and potential upside for investors, Allegiant Travel Company (NYSE:ALGT) is among the . A busy airport terminal full of travelers eager to utilize the company's services. With a $200 million transaction on July 7, 2025, Allegiant Travel Company (NYSE:ALGT) sold its 785-room Sunseeker Resort Charlotte Harbor to Blackstone Real Estate, following financial struggles at the resort, which drove ALGT's decision to refocus on its core airline business. This sale occurs at a time when the airline is facing ongoing industry challenges. Morgan Stanley decreased its price target on Allegiant Travel Company (NYSE:ALGT) from $85 to $83, maintaining an 'Equal Weight' rating. Despite the company's stable outlook for Q2 following volatile months of February and March, the analyst's rating is driven by airline executives' warnings of underlying pressures, particularly regarding weak domestic revenue per available seat mile. Following the completion of the resort divestiture and with revenue concerns persisting, Allegiant Travel Company (NYSE:ALGT) aims to tighten its focus on aviation amid a complex operating environment. Allegiant Travel Company (NYSE:ALGT) is a U.S.-based air carrier catering to underserved cities in the country. It is on the list of cheap transportation stocks. While we acknowledge the potential of ALGT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 7 Best Stocks to Invest in for a Quick Return and 10 Best Cheap Stocks to Buy According to Billionaire Ray Dalio. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-07-2025
- Business
- Yahoo
Evercore ISI Upgrades Allegiant Travel (ALGT) Stock to Outperform
Allegiant Travel Company (NASDAQ:ALGT) is one of the Top 10 Transportation and Industrial Stocks to Buy Now. Evercore ISI upgraded the company's stock to 'Outperform' from 'In Line' with a price objective of $75, as reported by The Fly. This upgrade comes amidst the company's plans to sell its Sunseeker Resort, enabling it to focus entirely on the leisure-focused airline operations. Therefore, the firm cited business model simplification as a critical factor in the decision to upgrade Allegiant Travel Company (NASDAQ:ALGT)'s stock. A busy airport terminal with travelers passing through on their leisure travels. Allegiant Travel Company (NASDAQ:ALGT)'s core business has a flexible model with the capability to adjust capacity on the basis of demand, and such strengths were less visible recently. The firm sees 2025 as a transition year as the company grows into the infrastructure investments already made. With the expected hotel sale and a more modest capacity growth expected into 2026, the firm opines that Allegiant Travel Company (NASDAQ:ALGT) remains well-placed to restore its core earnings power. Notably, Blackstone and Allegiant Travel Company (NASDAQ:ALGT) announced that funds affiliated with Blackstone Real Estate have decided to acquire Sunseeker Resort Charlotte Harbor for $200 million. Allegiant Travel Company (NASDAQ:ALGT) is a leading player in the broader industrials sector since it provides air transportation services. Diamond Hill Capital, an investment management company, released its Q1 2025 investor letter. Here is what the fund said: 'Other bottom Q1 contributors included First Advantage, Civitas Resources and Allegiant Travel Company (NASDAQ:ALGT). Regional airline Allegiant Travel fell against a challenging macroeconomic backdrop and concerns about consumer spending, which could hurt customer demand. Further, there are some concerns the recently announced US tariffs could impact Boeing's ability to deliver new planes to Allegiant as expected. However, we maintain our conviction in Allegiant's resiliency in the long term and are maintaining our position.' While we acknowledge the potential of ALGT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
08-07-2025
- Business
- Yahoo
Blackstone acquires Florida resort from Allegiant for $200M
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. Funds affiliated with Blackstone Real Estate will acquire the 785-key Sunseeker Resort Charlotte Harbor located along the Gulf Coast of Florida from Allegiant Travel Company for $200 million, according to a Monday news release. The sale comes after the resort faced financial woes last year following its opening, Allegiant leadership detailed during a Q2 2024 earnings call. During a Q1 earnings call earlier this year, Allegiant CEO Greg Anderson expressed intent to sell the resort by the end of the summer to focus on the company's airlines business. Despite its previous troubles, Sunseeker Resort Charlotte Harbor is poised to benefit from 'the continued growth in group-oriented destinations,' according to Scott Trebilco, senior managing director at Blackstone. The deal aligns with Blackstone's hospitality investment strategy. Blackstone's 'extensive hospitality holdings and their execution capabilities' will enable the firm to 'help realize the full potential of Sunseeker Resort,' Anderson said in a statement. Sunseeker Resort Charlotte Harbor opened in December 2023 on 22 acres. The resort offers 20 dining options and bars, two pools, a spa, a fitness center, a rooftop adult pool and bar, a golf course and more than 60,000 square feet of indoor meeting space. In early 2024, Anderson said the resort's opening was a key opportunity to sell hotel rooms directly to Allegiant's airline passenger customers. However, by the second quarter of the year, the resort's financial results were not meeting expectations. Despite expressing a rosier outlook on the long-term viability of Sunseeker Resort in Q1, Anderson shared that the company was on track to sell the property. 'We recognize our core competencies lie within the airline business where we see abundant opportunity and long-term success. Maintaining a strong industry-leading balance sheet is also a top priority of ours. Pursuing a transaction related to the sale of the resort is an important step towards our objectives for the airline,' Anderson said during a May earnings call. For Blackstone, the acquisition of the 'highly-amenitized' Sunseeker Resort aligns with the firm's 'strong conviction in hospitality and travel,' including group travel, Trebilco said in a statement. Group and business travel continued to grow at a healthy pace across the U.S. in the first quarter of the year, according to Cendyn and Amadeus' Hospitality Group and Business Performance Index. Multigenerational travel and sports tourism have bolstered group business nationwide. Blackstone adds the asset to a real estate portfolio with other large-scale resort properties, including the Hotel del Coronado in California, which recently completed a $550 million restoration. The firm also acquired the Kimpton Hotel Eventi in New York City earlier this year for $175 million. The Sunseeker Resort Charlotte Harbor transaction is expected to close in the third quarter of this year. Blackstone declined a Hotel Dive request to comment on the transaction. Recommended Reading Peachtree hotel investment remains strong post rebrand Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-07-2025
- Business
- Yahoo
Blackstone Real Estate to acquire Sunseeker Resort Charlotte Harbor for $200m
Funds affiliated with Blackstone Real Estate, a division of the global investment company Blackstone, have agreed to acquire Sunseeker Resort Charlotte Harbor from Allegiant Travel Company for $200m. Located on Florida's Gulf Coast, the newly developed resort features 785 rooms across 22 waterfront acres. Sunseeker Resort Charlotte Harbor is equipped with multiple food and beverage options, two pools, a spa, a fitness centre, a rooftop adult pool and bar, a championship golf course, and over 60,000ft² of indoor meeting space. Blackstone Real Estate senior managing director Scott Trebilco said, 'The acquisition of this brand new, highly-amenitised resort demonstrates our strong conviction in hospitality and travel and the continued growth in group-oriented destinations. 'Allegiant has built a fantastic property, and we look forward to bringing our extensive experience with large-scale resorts to Sunseeker.' Allegiant Travel Company CEO Gregory C Anderson said, 'Blackstone's extensive hospitality holdings and their execution capabilities make them the ideal counterparty for this transaction and also to help realise the full potential of Sunseeker Resort. 'Furthermore, it supports Allegiant's strategy centred around the airline, and we plan to use the proceeds from the sale to repay debt and strengthen our balance sheet.' Barclays acted as the financial adviser to Allegiant for this transaction. The deal is anticipated to conclude in the third quarter of 2025, pending customary conditions. In August 2024, Blackstone Growth and affiliated funds entered a definitive agreement to acquire a majority stake in hospitality accounting software provider M3. The financial details of this deal were not disclosed. In June 2024, Blackstone Real Estate announced the acquisition of Village Hotels from affiliates of KSL Capital Partners, a specialist in travel and leisure investments. "Blackstone Real Estate to acquire Sunseeker Resort Charlotte Harbor for $200m" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Skift
08-07-2025
- Business
- Skift
Blackstone Agrees to Buy Allegiant's Sunseeker Resort
Blackstone Group agreed to buy the troubled Sunseeker Resort in Port Charlotte, Florida, for $200 million from Allegiant Travel Company. Plus more hotel development news. The DJIA fell 422 points, the Nasdaq was down 189, and the S&P 500 was down 49 points. The 10-year treasury yield was up .05 to 4.40%. Lodging stocks were lower. The Ellie, a Hilton Tapestry Hotel, is a DoubleTree Hotel that went through an extensive renovation in 2024, with the revamp finishing in the spring of 2025. Changes include updated rooms, a pool with massive water slides, and a new name with a nod to Myrtle Beach's history. Located in Myrtle Beach, South Carolina, the Ellie features a lobby bar, a restaurant, and three distinct pool areas. There is a large pool with a wading space and three tall water slides. Off in the corner is a splash pad with interactive water features. The adults-only pool features a pool bar. The hotel also has a game room. The rumors were all true as Blackstone Group agreed to buy the troubled Sunseeker Resort in Port Charlotte, Florida, for $200 million from Allegiant Travel Company. The transaction is expected to close in the third quarter of 2025, and we can all take bets on who Blackstone will have brand and manage the property. The resort has 785 rooms. The property cost more than $700 million to develop, but it never made a profit for Allegiant. For more context, read Skift's Blackstone to Acquire Allegiant's Troubled Sunseeker Resort for Just $200 Million. Hawkins Way Capital has acquired the former 492-key Holiday Inn by IHG, located in the heart of Manhattan's Financial District. The firm plans to reposition the asset through targeted renovation, including cosmetic upgrades to all guestrooms and corridors. The re-imagined property will also see the conversion of former hotel amenity areas into functional shared spaces such as a communal kitchen and dining area, laundry rooms, lounges, study spaces, and a fitness center. The property will be managed by FCL Management. IHG Hotels & Resorts, in collaboration with Northstar Hospitality, LLC, announced the opening of the Holiday Inn Express & Suites Linden in Linden, New Jersey. The 121-room hotel features 3,200 square feet of meeting space and a fitness center. IHG Hotels & Resorts, in collaboration with Alliant Hospitality, Inc., announced the opening of Holiday Inn Express & Suites Fresno Airport in Fresno, California. Managed by Axis Hotel Group, the 89-room, newly built property features 1,363 square feet of meeting space, a business center, and an outdoor pool. IHG Hotels & Resorts, in collaboration with SHIVSAI, LLC, announced the opening of Garner Londonderry - Manchester in Londonderry, New Hampshire. The 99-room, newly rebranded property offers a fitness center and a welcoming atmosphere. Sonesta International Hotels Corporation announced the opening of Red Lion Inn & Suites Blue Springs. The 60-room midscale hotel is located in Blue Springs, Missouri, a suburb of Kansas City. Sotherly Hotels announced it received a Notice of Default from the special servicer for its mortgage loan secured by the Georgian Terrace in Atlanta. The claim is SOHO Atlanta is in default for failure to pay all amounts due and that Wilmington Trust, National Association, as Trustee, will take all such actions it deems appropriate to protect its interest in the mortgage loan. In other words, with $38 million due on the property, it is starting the foreclosure process. SOHO said they engaged a consultant to negotiate for an extension of the mortgage loan with the special servicer. Napa Valley's Silverado Resort has completed renovations to its 345 guestrooms and suites, a project that totaled $5.3 million. The room renovations represent the latest phase in a multi-million dollar modernization effort that began more than three years ago when KSL Capital Partners and Arcade Capital bought the property for an undisclosed amount. Peregrine Hospitality manages the resort. The entire revamp will take up to five years. In addition to the hundreds of guestrooms and suites, the resort includes two PGA championship golf courses, nine tennis courts, three bocce and pickleball courts, three pools, a spa and fitness center, The Grill restaurant, and 70,000 square feet of indoor and outdoor event space. Next up are renovations to the spa and fitness center and The Grove, an outdoor event space. Work on those projects is expected to begin in September. The spa and fitness center could be done by year's end, and The Grove by the end of the second quarter of 2026. 42 Hotel Group plans to build 42 Hotel, a 15-story, 75-key hotel in Fort Lauderdale Beach. The developers expect to open 42 Hotel in 2027. The developers said they plan to start clearing the development site for construction in the fourth quarter. The design of 42 Hotel in Fort Lauderdale Beach includes 67 rooms and eight suites, a rooftop pool and bar, a fifth-floor reception lobby with a bar and a coffee shop, and a mezzanine-level gym. Hankey Capital is backing a bargain-bin buy of a hotel near San Francisco's Union Square. Hankey provided an $8 million loan for an affiliate of Oceanic Enterprises to buy the 118-room Tilden Hotel near Union Square. AllianceBernstein offloaded the property for $9.3 million. Anchor Bridge Asset Management has been launched by founding partners Paul Fisher and Sam Zinsmaster to meet the demand for highly effective, third-party hotel asset management. Purpose-built to enhance profit margins, oversee complex renovations/repositions, and deliver optimized investment outcomes, the firm combines hands-on execution with deep investment expertise across chain scales. Anchor Bridge serves institutions, lenders, developers, and ownership groups seeking transparency, capital efficiency, and investment results. DSH Hotel Advisors announced the sale of the 61-room Candlewood Suites Jacksonville-Mayport, located in Jacksonville, Florida. The firm represented the seller, Mayport Lodging 2, Inc., and the buyer, Butler Lodging LLC. The sale price was not disclosed. Prime Investment Properties LLC announced the sale of the Heartland Inn & Suites in Wheatland, Wyoming. Located in Platte County, the 57-key hotel features a mix of comfortable guestrooms and amenities, including a fitness center and business services. Hodges Ward Elliott announced the closing of the Hampton Inn & Suites N. Ft. Worth Alliance Airport. Hodges Ward Elliott also announced the closing of the Hyatt Place Fort Worth Alliance Town Center. Duetto announced the launch of GameTime, a streamlined revenue management system designed specifically for select-service and limited-service hotel brands. Built from the ground up for this segment, GameTime offers a fast, scalable solution tailored to brands that prioritize efficiency and agility. Its mobile-friendly interface and intuitive setup empower lean teams to automate pricing decisions and scale operations effectively. Designed for enterprise brands with limited-service portfolios, GameTime simplifies pricing strategy and performance tracking, offering: automated pricing; flexible automation; real-time reporting & forecasting; portfolio management; predefined segmentation; and a mobile-friendly interface. Blue Diamond Resorts announced that Paraiso de la Bonita, A Luxury Collection Resort, Riviera Maya, Adult All-Inclusive, is set to become part of its expanding portfolio in the coming months, marking the company's entry into Marriott's prestigious Luxury Collection. The re-imagined hacienda-style retreat features 90 expansive suites, three oceanfront restaurants, two bars, a Thalasso pool, and a fitness space. For events and celebrations, the resort features an intimate indoor salon, lush oceanfront gardens, and a private dock. Personnel News Highgate announced the appointment of Pete Sams as President. He assumes the position today. Sams was previously COO at Peregrine Hospitality, formerly KSL Resorts, and before that, COO of Davidson Hospitality Group. Davidson Hospitality Group announced the appointment of Jason Reader as Chief Operating Officer, where he is responsible for driving best-in-class operational performance and profitability for the company's growing portfolio. Functional oversight includes all Davidson operating verticals: Davidson Hotels, Davidson Restaurant Group, Pivot, and Davidson Resorts, as well as select platform services departments such as strategic operations and marketing. Most recently, Reader held the role of Chief Operating Officer at Remington Hospitality. Effective July 1, 2025, James K. Chu has assumed a new position as Head of Owner Relations of Hyatt Hotels Corporation and no longer serves as Executive Vice President, Chief Growth Officer of the company. Europe Highlights Hilton has announced the signing of a management agreement with M&L Group to rebrand The Hotel Maria in Helsinki as the Waldorf Astoria Helsinki, marking the introduction of the Waldorf Astoria brand to the Nordic region. The property is set to undergo a rebranding process later this year. The hotel will feature 116 rooms and include amenities such as signature dining options, a bar, a fitness studio, and a Nordic wellness spa with a traditional Finnish sauna. The construction of a Fairfield by Marriott hotel in Warwickshire, UK, is set to begin later this year, following the receipt of Reserved Matters approval. Set to open in early 2027, the 142-bedroom midscale property marks the brand's UK debut.
