Allegiant Announces Strategic Review of Sunseeker Resort

Rhea-AI Summary

Allegiant Travel Company (NASDAQ: ALGT) has engaged Prospect Hotel Advisors to conduct a strategic review of its Sunseeker Resort Charlotte Harbor in Southwest Florida. The aim is to maximize the resort's value and improve its financial performance. Prospect Hotel Advisors, known for their expertise in resort operations and strategic positioning, will work with Sunseeker's management team to identify the best path forward.

The review comes as Allegiant seeks to enhance the recently opened resort, which features 785 guestrooms, 20 food and beverage brands, extensive meeting space, and amenities including pools, a spa, and the exclusive Aileron Golf Club. This move aligns with Allegiant's strategy to optimize its hospitality assets and potentially explore strategic alternatives for Sunseeker Resort.

Positive

• Engagement of experienced hospitality asset management firm to improve resort's financial performance
• Potential for strategic repositioning and value maximization of Sunseeker Resort
• Collaboration with advisors experienced in successful resort transformations

Negative

• Implies current financial performance of Sunseeker Resort may not be meeting expectations
• Potential for significant changes or restructuring at the resort
• Possible distraction from core airline business

Company engages Prospect Hotel Advisors for their specialized expertise

LAS VEGAS, July 31, 2024 /PRNewswire/ -- Allegiant Travel Company (NASDAQ: ALGT) announced today it has retained global hospitality asset management firm Prospect Hotel Advisors, LLC to conduct a strategic review of its hotel, Sunseeker Resort Charlotte Harbor.

The recently opened resort, located in Southwest Florida, is a wholly owned subsidiary of Allegiant Travel Company and is Florida's premier gulf coast oasis, offering magnificent views, amazing pools, world class restaurants, championship golf, a full-service spa and many other amenities.

Prospect Hotel Advisors will advise the company on strategies that maximize the value of Sunseeker Resort. The engagement aims to improve financial performance and help accelerate the strategic positioning of the hotel in conjunction with the existing experienced management team.

"Prospect Advisors – with their deep experience in resort operations – will serve as an invaluable resource to our exceptional Sunseeker team," said Allegiant President and incoming CEO Gregory C. Anderson. "In addition, their extensive expertise in positioning hotel resorts to maximize strategic alternatives will be key as we identify the right path forward."

Prospect Hotel Advisors, LLC is an advisor to Blackstone as well as other private equity and real estate funds. Its seasoned team of John Ceriale, Barry Lewin, Bill McBeath and Andrew Katz brings a wealth of experience to the table. Combined, this team has played an essential role in maximizing the value of hotels through the repositioning of hundreds of assets and transactions worldwide. Their recent accomplishments in resorts such as Turtle Bay Resort (Kahuku, HI), Cosmopolitan (Las Vegas, NV), Boca Raton Resort and Club (Boca Raton, FL), Arizona Biltmore (Phoenix, AZ) and Carneros Resort (Napa, CA) are just a few examples of their expertise, strategic acumen and successful track record.

"We are thrilled to advise Allegiant and the Sunseeker management team in finding opportunities to enhance the resort and drive incremental profitability," said Prospect Hotel Advisors partner Barry Lewin. "Sunseeker is an amazing resort with excellent room and suite products, outstanding food and beverage offerings, dynamic pools and recreational amenities, an ideal setting and, most importantly, a team on property focused on their associates and guests. It has been our pleasure to get to know Sunseeker's President Micah Richins along with his executive leadership team and we are confident our alliance will generate great results."

Sunseeker Resort Charlotte Harbor spans over 22 waterfront acres in Southwest Florida. It features 785 guestrooms, 20 curated food and beverage brands, 60,000-square-feet of meeting and event space, two unique pool experiences and seven unique retail outlets. A state-of-the-art fitness center and spa are in the main tower. The resort also features the guest exclusive Aileron Golf Club, with lush greens, year-round sun and distinctive course design.

About Allegiant Travel Company
Las Vegas-based Allegiant (NASDAQ: ALGT) is an integrated travel company with an airline at its heart, focused on connecting customers with the people, places and experiences that matter most. Since 1999, Allegiant Air has linked travelers in small-to-medium cities to world-class vacation destinations with all-nonstop flights and industry-low average fares. Today, Allegiant serves communities across the nation, with base airfares less than half the cost of the average domestic roundtrip ticket. For more information, visit us at Allegiant.com.

Media Contact
Email: mediarelations@allegiantair.com

Investor Inquiries
Email: ir@allegiantair.com

Category: News

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SOURCE Allegiant Travel Company

FAQ

Why has Allegiant (ALGT) hired Prospect Hotel Advisors for Sunseeker Resort?

Allegiant has hired Prospect Hotel Advisors to conduct a strategic review of Sunseeker Resort, aiming to maximize its value, improve financial performance, and accelerate its strategic positioning in the market.

What are the key features of Allegiant's Sunseeker Resort Charlotte Harbor?

Sunseeker Resort features 785 guestrooms, 20 food and beverage brands, 60,000 square feet of meeting space, two pool experiences, seven retail outlets, a fitness center, spa, and the exclusive Aileron Golf Club.

How might the strategic review impact Allegiant's (ALGT) stock?

The strategic review could potentially impact Allegiant's stock by improving the financial performance of Sunseeker Resort, which is a wholly owned subsidiary, and by exploring strategic alternatives that could maximize the resort's value.

When did Allegiant (ALGT) open Sunseeker Resort Charlotte Harbor?

The press release refers to Sunseeker Resort as 'recently opened,' but does not provide a specific opening date.