Interstate Hotels & Resorts will continue to operate the property. CBRE facilitated the deal between the seller and Tavistock, including the property acquisition and attendant redevelopment rights. Information related to the development's future renovation plans will be announced in 2017.

“We believe that this already successful hotel and marina resort can be improved by upgrading the amenities and enhancing the entire experience for visitors that come by land or by water,” Thakkar says. “We really look forward to the creative exercise and making it even more special.”

With investments in more than 200 companies in 15 countries, Tavistock holdings are diverse and significant in scale. Tavistock's portfolio is highlighted by marquee projects, including: Albany is a 600-acre luxury resort community in The Bahamas jointly owned by Tavistock along with golfing greats Tiger Woods and Ernie Els; The Saint Regis Atlanta, located in the heart of Buckhead, is a 26-story luxury hotel and towers including 151 guest rooms and suites, and 53 St. Regis Residences; Lake Nona is an innovative 14-square-mile master-planned community in Orlando. And the Tavistock Restaurant Collection operates 16 unique restaurant concepts across the country, including Abe & Louie's in Boca Raton and Timpano, which has a location on Las Olas Boulevard in Fort Lauderdale.

MIAMI—Fort Lauderdale's Pier Sixty-Six (Pier 66) Marina and Hyatt Regency Hotel has traded hands. Tavistock Development Company, an Orlando-based real estate development firm Joe Lewis owns, acquired the asset for $165 million.

Pier 66 sits on 22 waterfront aces at 2301 Southeast 17th Street along the Intracoastal Waterway. With its famed rotating panorama rooftop, the facility's 17-story main tower is an architectural icon of the Fort Lauderdale skyline.

The 127-slip mega-yacht marina is one of the largest in the state and recently served as a host location of the 56th Fort Lauderdale International Boat Show. Beyond the 384 hotel rooms, the property has approved entitlements for the addition of 58 residential units in two 11-story buildings with 30,000 square feet of retail and office space.

“Tavistock Development Company invests, ideally, in projects that we can get truly excited about,” Rasesh Thakkar, senior managing director at Tavistock, tells GlobeSt.com. “Pier Sixty-Six has been an iconic waterfront property for decades, in an ideal location, in the yachting capital of the world—it is the right project in the right market in an industry segment we love.”

Interstate Hotels & Resorts will continue to operate the property. CBRE facilitated the deal between the seller and Tavistock, including the property acquisition and attendant redevelopment rights. Information related to the development's future renovation plans will be announced in 2017.

“We believe that this already successful hotel and marina resort can be improved by upgrading the amenities and enhancing the entire experience for visitors that come by land or by water,” Thakkar says. “We really look forward to the creative exercise and making it even more special.”

With investments in more than 200 companies in 15 countries, Tavistock holdings are diverse and significant in scale. Tavistock's portfolio is highlighted by marquee projects, including: Albany is a 600-acre luxury resort community in The Bahamas jointly owned by Tavistock along with golfing greats Tiger Woods and Ernie Els; The Saint Regis Atlanta, located in the heart of Buckhead, is a 26-story luxury hotel and towers including 151 guest rooms and suites, and 53 St. Regis Residences; Lake Nona is an innovative 14-square-mile master-planned community in Orlando. And the Tavistock Restaurant Collection operates 16 unique restaurant concepts across the country, including Abe & Louie's in Boca Raton and Timpano, which has a location on Las Olas Boulevard in Fort Lauderdale.