South Street Partners, a private equity real estate investment and development firm headquartered in Charlotte and Charleston; Dream Finders Homes, a nationally recognized homebuilder headquartered in Jacksonville and the official home builder of the PGA Tour; Pat Battle, executive chairman of Diamond Baseball Holdings and past chairman and CEO of IMG College; and select joint venture equity partners have acquired the Sawgrass Marriott Golf Resort & Spa located in Ponte Vedra Beach.
The property is situated on approximately 66 acres adjacent to the iconic PLAYERS Stadium Course at TPC Sawgrass. The acquisition financing was provided by BDT & MSD Partners’ affiliated funds.
The resort is comprised of 351 hotel keys, 163 villa keys, approximately 114,000 square feet of meeting space, nine on-site food and beverage outlets, a 25,000-square-foot full-service spa and fitness facility and the two-acre oceanfront Cabana Beach Club, which includes the 1912 Ocean Bar & Rooftop, with 700 members.
The joint venture equity partners will focus on significantly elevating the resort offerings, with plans for a comprehensive renovation. Additionally, guests staying at the resort have the right to book tee times up to 12 months in advance at THE PLAYERS Stadium Course and Dye’s Valley Course, TPC Sawgrass’s two championship golf courses 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.”
