Loews Buys 20% Interest in Don CeSar for $83M

ST. PETE BEACH, FL-It took two years to complete but the Plasencia Group Inc. of Tampa, FL got the deal done–an $83.1-million sale of 20% ownership to Loews Hotels in Florida’s legendary, 75-year-old, 277-room Don CeSar Beach Resort & Spa.

Cigna Corp., majority owner in the legendary West Central Florida property, values the deal at $300,000 per room, says Lou Plasencia, president and CEO of Plasencia Group. The resort will be renamed the Don CeSar Beach Resort, a Loews Hotel.

“This transaction allows both parties to meet important strategic goals,” Plasencia says. “Our client, Cigna, asked that we identify a partner that could effectively enhance the positioning of a world-class resort, particularly in the higher-end group and transient markets in the Northeast.”