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South Street Partners, a leading private equity real estate investment and development firm headquartered in Charlotte, North Carolina, and Charleston, South Carolina; Dream Finders Homes, a nationally recognized homebuilder headquartered in Jacksonville and the Official Home Builder of the PGA TOUR; Pat Battle, executive chairman of Diamond Baseball Holdings and past chairman and CEO of IMG College (formerly known as Collegiate Licensing Company); and select joint venture equity partners have acquired the Sawgrass Marriott Golf Resort & Spa in Ponte Vedra Beach, Florida.
The property is situated on approximately 66 acres adjacent to the PLAYERS Stadium Course at TPC Sawgrass, a golf destination which has hosted THE PLAYERS championship annually since 1982, and just minutes from the newly delivered PGA TOUR Global Home and PGA TOUR Studios.
The acquisition financing was provided by BDT & MSD Partners’ affiliated funds.
Located just three miles from Ponte Vedra Beach, the resort is comprised of 351 hotel keys, 163 villa keys, approximately 114,000 square feet of meeting space, nine on-site food and beverage outlets, a 25,000 square foot full-service spa and fitness facility and the two-acre oceanfront Cabana Beach Club, which includes the 1912 Ocean Bar & Rooftop, with 700 members.
Officials said the JV will focus on significantly elevating the resort offerings, with plans for a comprehensive renovation.
Additionally, guests staying at the resort have the right to book tee times up to 12 months in advance at THE PLAYERS Stadium Course and Dye’s Valley Course, TPC Sawgrass’s two championship golf courses designed by Pete Dye.
“The acquisition of Sawgrass Marriott Golf Resort & Spa is a perfect complement to our existing hotel portfolio of exceptional properties located in high-growth, Southeastern markets with A+ locations,” said Henry Armistead, principal, South Street Partners.
Armistead added, “Alongside our investment partners, we are excited for this incredible asset to be the inaugural investment for South Street’s SSP GP Fund II.”
South Street Partners is one of the largest owners and operators of private residential club and resort communities in the United States – including Kiawah Island, Palmetto Bluff, The Cliffs, Barnsley Resort, Elevation Hotel & Spa, The King and Prince Beach & Golf Resort, Naples Grande, PGA National Resort and Residences at Salamander.
Founded in 2009, South Street, on behalf of its SSP GP Funds, its institutional joint venture partners and co-investment vehicles, has deployed over $1.7 billion of equity across resort, residential and commercial properties, and has over $2.7 billion of assets under management.
South Street acts as a principal investment platform as well as an operating partner and co-investor for institutional partners interested in special situations, opportunistic and value-add real estate investments in the Southeast and Sunbelt regions as well as other select continental U.S. and international markets.
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