Hollywood's Margaritaville Resort Gets Financing Approval
Categories: Openings/Closings
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| Margaritaville |
The new financing arrangement sees Starwood Capital contributing $75 million and the Hollywood Community Redevelopment Agency investing $23 million into the $138 million resort.
Starwood Capital is a global investment firm with $20 billion in assets, primarily in hotels, real estate, and golf courses.
The Margaritaville Resort, to be located on Johnson Street in Hollywood Beach, will feature 349 rooms in a tropical setting. The complex will be styled after Jimmy Buffett's songs and philosophy. The resort will also have a Margaritaville restaurant and beachfront concessions to include alcohol sales for a trial two-year period.
During the course of the 99-year lease, the City of Hollywood stands to gain a projected revenue of $1,813,600,000, which equates to just under $70 million when adjusted for inflation.
Construction is expected to take about two years, with developer Lon Tabatchnik hoping for a 2014 project completion.
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