Openings and Closings

Hollywood's Margaritaville Resort Gets Financing Approval

Hollywood city commissioners gave new life to the Margaritaville Resort project yesterday when they approved a new financing plan in a special joint meeting of the City Commission/CRA board.

The new financing arrangement sees Starwood Capital contributing $75 million and the Hollywood Community Redevelopment Agency investing $23 million into the $138 million resort.

Starwood Capital is a global investment firm with $20 billion in assets, primarily in hotels, real estate, and golf courses.


The Margaritaville Resort, to be located on Johnson Street in

Hollywood Beach, will feature 349 rooms in a tropical setting. The complex will be styled

after Jimmy Buffett's songs and philosophy. The resort will also have a

Margaritaville restaurant and beachfront concessions to include alcohol

sales for a trial two-year period.

During the course of the

99-year lease, the City of Hollywood stands to gain a projected revenue

of $1,813,600,000, which equates to just under $70 million when adjusted for

inflation.

Construction is expected to take about two years, with developer Lon Tabatchnik hoping for a 2014 project completion.



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Laine Doss is the food and spirits editor for Miami New Times, covering the restaurant and bar scene in South Florida. She has been featured on Cooking Channel’s Eat Street and Food Network’s Great Food Truck Race. Doss won an Alternative Weekly award for her feature on what it’s like to wait tables. In a previous life, she appeared off-Broadway and shook many a cocktail as a bartender at venues in South Florida and New York City. When she’s not writing, you can find Doss running some marathon then celebrating at the nearest watering hole.
Contact: Laine Doss