LAS VEGAS and SAN FRANCISCO, March
18, 2019 /PRNewswire/ -- Allegiant Travel Company
(NASDAQ: ALGT) and TPG Sixth Street Partners (TSSP), the global
finance and investment firm in a strategic partnership with TPG,
today announced an agreement to finance the development of
Sunseeker Resorts Charlotte Harbor, the company's planned resort in
the Charlotte County /
Punta Gorda area in southwest
Florida. Under the agreement, TSSP
has committed $175 million in initial
funding to support construction of this inaugural hotel development
under Allegiant's Sunseeker Resorts brand. This initial commitment
represents the first piece of a long-term, potential $1 billion partnership to develop the Sunseeker
Resorts imprint, and will provide opportunities to develop future
phases for Sunseeker Resorts Charlotte Harbor, additional
properties or related ventures at the discretion of both
companies.
Located near the Punta Gorda Airport (PGD), a base of operations
for Allegiant Air which served more than 1.5 million passengers in
2018, Sunseeker Resorts Charlotte Harbor will be the largest and
most unique resort in the region. Phase I of the resort is
anticipated to include an estimated 510 hotel rooms, 189
extended-stay suite units, meeting and conference space, as well as
a variety of restaurants, bars and retail outlets along a scenic
harbor walk. In addition to its service to Punta Gorda, Allegiant Air currently operates
flights from nearby St. Pete-Clearwater International Airport
(PIE), Orlando Sanford International Airport (SFB) and
Sarasota-Bradenton International Airport (SRQ) – all within a
two-hour drive of Charlotte Harbor.
In total, Allegiant Air currently moves nearly 8 million leisure
travelers in and out of Florida
every year. This nexus between air transportation and hospitality
will afford easy access to the resort location, while capitalizing
on the direct-to-customer sales model which has been Allegiant's
hallmark in its success as an industry-leading, low-cost airline
with a unique focus on leisure travel.
"We are so pleased to partner with TSSP – not only for strategic
capital to construct our inaugural resort in Charlotte Harbor, but also to develop the
Sunseeker Resorts brand, where we share a vision for tremendous
opportunity in the future," said John
Redmond, president, Allegiant Travel Company. "We look
forward to working with TSSP to develop a premier leisure
destination that brings great value, world-class facilities and
innovative service to our customers, brings jobs and economic
opportunity to the region, and supports the evolution of Allegiant
as a multi-faceted leisure travel company."
"Allegiant manages a highly-profitable, cost-efficient operation
that has been at the cutting edge of developing new markets and
offering ancillary leisure services since its founding nearly two
decades ago," said Clint Kollar, a
TSSP partner. "We are pleased to be financing the
introduction of a unique resort brand that integrates the strength
of a proven airline operation with a tremendous existing customer
base and a highly successful direct-sales model. The seasoned
team of hospitality industry and large-scale development veterans
Sunseeker has attracted to this project is another indication of
how innovative and special this brand can be. We look forward to a
successful partnership in supporting the Sunseeker brand over the
coming years."
Goldman Sachs acted as sole financial advisor in this
transaction.
About Allegiant®
Las Vegas-based Allegiant (NASDAQ:
ALGT) is focused on linking travelers in small-to-medium cities to
world-class leisure destinations. The airline offers industry-low
fares on an all-jet fleet while also offering other travel-related
products such as hotel rooms and rental cars. All can be purchased
only through the company website, Allegiant.com. Beginning
with one aircraft and one route in 1999, the company has grown to
more than 80 aircraft and 425 routes across the country with base
airfares less than half the cost of the average domestic roundtrip
ticket. For downloadable press kit, including photos,
visit http://gofly.us/iiFa303wrtF.
About TPG Sixth Street Partners (TSSP)
TPG Sixth
Street Partners (TSSP) is a global finance and investment business
with over $30 billion in assets under
management. Co-founded in 2009 by Managing Partner Alan Waxman and
TSSP's management team, the firm's long-term oriented, highly
flexible capital base allows it to invest across industries,
geographies, capital structures and asset classes. TSSP focuses on
partnering with businesses and management teams to create fully
committed financing solutions. The firm also makes investments in
both private and public companies and assets. TSSP is in a
strategic partnership with TPG, the global alternative asset firm.
For more information, visit www.tssp.com.
About TPG
TPG is a leading global alternative asset
firm founded in 1992 with approximately $103
billion of assets under management. TPG's investment
platforms are across a wide range of asset classes, including
private equity, growth venture, real estate, credit, and public
equity. TPG aims to build dynamic products and options for its
investors while also instituting discipline and operational
excellence across the investment strategy and performance of its
portfolio. For more information please visit www.tpg.com.
Contacts:
Allegiant Investor Relations –
ir@allegiantair.com
Allegiant Media Relations – 702.800.2020,
mediarelations@allegiantair.com
TSSP Media Relations – TSSPmedia@tssp.com
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SOURCE Allegiant