South Street Partners and Dream Finders Homes, together with Pat Battle and select joint venture equity partners, have acquired the Sawgrass Marriott Golf Resort & Spa, in Ponte Vedra Beach, Fla. The resort is located on 66 acres next to the PLAYERS Stadium Course at TPC Sawgrass and near the PGA TOUR Global Home and PGA TOUR Studios. Acquisition financing was provided by affiliated funds of BDT & MSD Partners.
The property includes 351 hotel rooms, 163 villa keys, about 114,000 square feet of meeting space, nine food and beverage outlets, a 25,000-square-foot spa and fitness facility, and the two-acre Cabana Beach Club featuring 1912 Ocean Bar & Rooftop. The joint venture plans a comprehensive renovation to enhance the resort’s facilities. Guests staying at the property can book tee times up to 12 months in advance at TPC Sawgrass’s two courses, the PLAYERS Stadium Course and Dye’s Valley Course, both designed by Pete Dye.
“The acquisition of Sawgrass Marriott Golf Resort & Spa is a perfect complement to our existing hotel portfolio of exceptional properties located in high-growth, Southeastern markets with A+ locations,” said Henry Armistead, principal, South Street Partners. “Alongside our investment partners, we are excited for this incredible asset to be the inaugural investment for South Street’s SSP GP Fund II.”
Ponte Vedra Beach is known for its golf courses, white sand beaches and resort offerings. The area also provides access to the Intracoastal Waterway and recreational opportunities such as boating, fishing and tennis, as well as spas and seven miles of beach featuring sand with a pink hue from coquina shells.
