Search
 

Tishman Brokers $102 Mil Trophy Resort Asset Sale to Cigna JV in North Florida

ORLANDO-A joint venture of Cigna and Interstate Hotels Corp. has bought the 508-room Sawgrass Marriott Resort in Ponte Vedra Beach, FL from Resort Holdings I Ltd. and PV Resort Inc. for $200,787 per room.

By Alex Finkelstein | Updated on January 26, 2001

ORLANDO-Sawgrass Marriott Resort, headquarters of the Professional Golf Association and a thoroughbred in the Marriott hotel stable, has new owners.

A joint venture of Cigna and Interstate Hotels Corp. has purchased the 508-room conference and leisure destination property in oceanfront Ponte Vedra Beach, FL from Resort Holdings I Ltd and PV Resort Inc. for $102 million or $200,787 per room.

New York-based Tishman Hotel Corp.’s investment banking group brokered the transaction, serving as financial advisor to the sellers. For Tishman, the deal capped off a banner 2000 production year that reached $773 million in transaction value. In the last four years alone, THC closed on $2.6 billion worth of debt and equity deals.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.