The rumors of Interwest selling its interests in Sandestin Golf and Beach resort has been swirling for the past 12 months. Many suitors had come to the table to purchase the world renowned destination San Destin, but only one made to a final agreement.
In a deal that will not be finalized until March 2010, Becnel is excited about the opportunity in front of him. "This has been a very long process," he said discussing the months of trade-offs. "We actually started concessions last October.”
Intrawest originally bought Sandestin in July 1998 from Malaysia-based Sime Darby Berhad for $130 million. Parties involved in the latest sale were tightlipped on the final price tag.
Intrawest Announces a Definitive Purchase Agreement for Sandestin Golf and Beach Resort in Florida
Top Florida Destination Committed to Continuing Excellent Guest Service and Experiences
VANCOUVER, B.C – February 9, 2010 – Intrawest announced a definitive purchase agreement to sell its interests in Sandestin Golf and Beach Resort to the Becnel family of Destin, Florida. Specific terms of the agreement were not disclosed and the transaction is anticipated to close in the first quarter of 2010.
The purchase agreement also includes the management contracts for Cottage Rental Agency, a community of beach homes located in Seaside, Florida, and two hotel properties: The Marriott Residence Inn and The Marriott Courtyard, both located at Sandestin.
Once the deal is finalized Intrawest and the Becnel family are committed to work together to ensure a smooth transition of ownership. Sandestin Golf and Beach Resort, Cottage Rental Agency and the Marriott hotels will continue to operate "business as usual" and the resort management teams will continue their commitment to delivering excellent guest service and experiences.
About The Becnel Family
The Becnel family develops and operates resorts, luxury condominiums, town homes and villas in Destin, Florida. The group is a family run business led by Tom and Damon Becnel, who have previously developed Silver Shells Resort, the Palms of Destin and One Beach Club Drive in Sandestin, Florida.
