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NEW YORK/LAS VEGAS - Blackstone (NYSE:BX) has agreed to acquire Sunseeker Resort Charlotte Harbor from Allegiant Travel Company (NASDAQ:ALGT) for $200 million, according to a press release statement issued Monday. The deal comes as Allegiant, currently valued at approximately $1.1 billion, has seen its stock surge nearly 10% in the past week, according to InvestingPro data.
The 785-room waterfront resort, located on Florida’s Gulf Coast, spans 22 acres and features multiple restaurants, two pools, a spa, fitness center, rooftop adult pool and bar, championship golf course, and over 60,000 square feet of meeting space.
"The acquisition of this brand new, highly-amenitized resort demonstrates our strong conviction in hospitality and travel and the continued growth in group-oriented destinations," said Scott Trebilco, Senior Managing Director at Blackstone Real Estate.
For Allegiant, the transaction aligns with its corporate strategy. "It supports Allegiant’s strategy centered around the airline and we plan to use the proceeds from the sale to repay debt and strengthen our balance sheet," said Gregory C. Anderson, CEO at Allegiant Travel Company. The move appears timely, as InvestingPro data shows the company’s total debt stands at $2.1 billion, with short-term obligations currently exceeding liquid assets.
Barclays served as financial advisor to Allegiant on the transaction, which is expected to close in the third quarter of 2025, subject to customary conditions. While the company wasn’t profitable over the last twelve months, analysts tracked by InvestingPro expect Allegiant to return to profitability this year, with projected earnings of $2.93 per share. Get access to 7 more exclusive InvestingPro Tips and comprehensive analysis for ALGT through the Pro Research Report.
Blackstone Real Estate manages $320 billion of investor capital and is the largest owner of commercial real estate globally, with assets across logistics, data centers, residential, office and hospitality sectors.
Allegiant, based in Las Vegas, operates as an integrated travel company with a focus on connecting customers from small-to-medium cities to vacation destinations with non-stop flights.
In other recent news, Allegiant Travel Company has agreed to sell its Sunseeker Resort to Blackstone for approximately $200 million, a significant discount from the $720 million spent on its development. The sale comes as Allegiant aims to refocus on its core airline business, with Evercore ISI upgrading the company’s stock rating from In Line to Outperform, citing a business model simplification. UBS initiated coverage of Allegiant with a Neutral rating, forecasting second-quarter earnings per share to align with company guidance, amidst revenue pressure from lower yields. Allegiant reported a 9.2% increase in scheduled service passengers for May 2025 compared to the previous year, despite a decrease in load factor. Available seat miles and departures both saw growth, with available seat miles rising 16.3% and departures increasing by 16.2%. In April 2025, Allegiant experienced a 15.0% increase in scheduled service passengers and an 18.4% rise in departures compared to the same month in 2024. The airline’s total system, including fixed fee contract operations, also saw a 14.9% increase in passengers for April 2025. Allegiant’s estimated average fuel cost for May 2025 was reported at $2.37 per gallon.
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