CBRE Hotels announced that it has arranged the sale of renowned waterfront resort Hyatt Regency Pier Sixty-Six (Pier 66) and Pier 66 world-class marina, located at 2301 SE 17th Street in Fort Lauderdale, Florida, to Tavistock Development Company, for an undisclosed price.

CBRE Hotels’ Christian Charre, Paul Weimer, and Natalie Castillo represented the seller. The buyer, an Orlando-based real estate development firm owned by Joe Lewis’ Tavistock Group, acquired the prestigious property and attendant redevelopment rights for the 22.7 acre site, which features 384 guestrooms and suites in a 17-story tower and two lanai-style buildings.

“With its strong marina operation and high-performing waterfront resort in one of South Florida’s top markets, Pier 66 is a complex asset,” said Mr. Charre, senior vice president, CBRE Hotels. “After listing the property in February of this year, we were able to attract buyers from around the globe. We are now very pleased to have facilitated the sale of this outstanding investment opportunity, which already comes with city-approved plans to further develop the site.”

Approved plans call for the addition of 58 residential units spread across two 11-story towers and more than 30,000 square feet of retail and office development. Well-known for its spectacular views, Pier 66 offers five on-site restaurants, three tropical pools with cascading waterfalls, 30,000 square feet of event space, a two-story yacht brokerage building, and one of the largest marinas in Florida. The landmark hotel has been in operation since the 1960s.

CBRE Hotels is a specialized advisory group within CBRE providing capital markets, consulting, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of more than 385 dedicated hospitality professionals located in 60 offices across the globe.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.