Castlelake has provided a loan to Sunseeker, a wholly-owned subsidiary of Allegiant Travel Company, which will be used to fund construction of Sunseeker Resort Charlotte Harbor, which resumed in August of this year.
Las Vegas-based Allegiant began construction of Sunseeker Resort Charlotte Harbor – a first-of-its-kind destination resort in southwest Florida – in March 2019, before pausing due to the severe impact of the COVID-19 pandemic on the travel and hospitality industry.
"Castlelake is pleased to provide financing to Sunseeker and strengthen our relationship with Allegiant through this project," said Armin Rothauser, Partner and Head of Lending at Castlelake. "This transaction sits at the intersection of Castlelake's deep real asset expertise, aviation experience and solutions-oriented approach."
Sunseeker Resort Charlotte Harbor will feature more than 500 hotel rooms, more than 180 extended stay suites, 55,000 square-feet of meeting and conference space, 19 restaurants and bars, and retail outlets along a scenic harbor walk.
"Sunseeker will not only be a transformational project for Southwest Florida, but also a tremendous catalyst for Allegiant's continued growth as an integrated travel company," said Allegiant President John Redmond. "This unique resort will bring unprecedented value and opportunity to our emerging leisure travel marketplace."
"Castlelake is a proven, trusted partner with the right expertise to execute on financing the Sunseeker project within its own framework," said Allegiant Executive Vice President and Chief Financial Officer Greg Anderson. "Obtaining this financing affords Allegiant the capital needed to fund the bulk of the remaining cost for the Sunseeker project, in an efficient manner consistent with our fiscal strategy.