If you’re wondering who bought Hammock Beach Resort, you’re not alone. The luxurious beachfront resort in Palm Coast, Florida has changed hands a few times over the years, and its latest acquisition has left many curious about the new owners and their plans for the property.
After months of speculation, it was announced in early 2021 that Hammock Beach Resort had been sold to an affiliate of Lubert Adler Real Estate Funds. The Philadelphia-based private equity firm specializes in real estate investments and manages over $7 billion in assets.
History of Hammock Beach Resort
Before we dive into the details of the sale, let’s take a quick look at the history of Hammock Beach Resort. The property was originally developed by Ginn Resorts in 2004 as part of a massive real estate project that included homes, condos, and a golf course.
However, Ginn Resorts filed for bankruptcy in 2008 during the financial crisis. The resort was then purchased by Lubert-Adler in 2011 and operated under the management of Salamander Hotels & Resorts until its recent sale.
The Sale of Hammock Beach Resort
The sale of Hammock Beach Resort to Lubert Adler’s affiliate marks the third change of ownership for the property since it first opened its doors. While financial terms were not disclosed, industry experts estimate that the resort sold for around $100 million.
The acquisition is part of Lubert Adler’s strategy to invest in high-quality hospitality properties with significant value-add potential. In a press release announcing the sale, Lubert Adler’s managing partner said, “We are excited to add this iconic resort to our portfolio and look forward to enhancing its position as one of Florida’s premier destinations.”
What Does This Mean for Guests?
For guests who have stayed at Hammock Beach Resort before or are planning to visit soon, the change in ownership should not have a significant impact on their experience. The resort will continue to operate under the management of Salamander Hotels & Resorts, which has a strong reputation for delivering exceptional service and amenities.
However, guests may see some changes in the coming months and years as Lubert Adler looks to invest in upgrades and improvements to the property. This could include renovations to guest rooms, new dining options, or expanded recreational facilities.
The Future of Hammock Beach Resort
While it’s too early to say exactly what the future holds for Hammock Beach Resort under its new ownership, there are a few clues that suggest Lubert Adler has big plans for the property. In the press release announcing the sale, the managing partner mentioned “enhancing” the resort’s position as one of Florida’s premier destinations.
Additionally, Lubert Adler has a track record of investing in high-quality hospitality properties and working with experienced management teams to unlock value and drive growth. It’s possible that we could see significant upgrades and improvements at Hammock Beach Resort in the coming years as part of this strategy.
In Conclusion
The sale of Hammock Beach Resort to an affiliate of Lubert Adler Real Estate Funds marks a new chapter in the property’s history. While guests should not expect any major changes in the short term, it will be interesting to see how Lubert Adler invests in and develops this iconic Florida resort over time.