Nick and Terry Saban are part of an investment group that will become the new owners of the Perdido Beach Resort in south Alabama.
Hotel management company Aurora Hospitality Partners announced the acquisition on Tuesday and will now operate the resort.
Terms of the purchase were not disclosed.
In addition to the legendary Alabama football coach and his wife, the investor group includes entrepreneur Joe Agresti, Perdido Hotel Partners LLC, an affiliate of Aurora Hospitality Partners, and several other small investors.
Agresti is Nick Saban’s partner in Dream Motor Group, which owns nine car dealerships in Alabama, Louisiana, Texas, Florida and Tennessee.
The effort began in 2018 with the opening of a Mercedes-Benz dealership in Irondale.
The group recently acquired Toyota of Montgomery and Lexus of Montgomery for $151 million.
“We are extremely honored to manage a place that means so much to so many families across our state,” said Aurora Hospitality Partners co-founder Blair Plott.
“Perdido Beach Resort will continue to move forward under the leadership of Alabamians who believe in the future of this community, which means a lot to us. Our focus is to continue to build on its legacy and enhance the guest experience in a way that reflects the best of Alabama.”
Since opening in Orange Beach in 1987, Perdido Beach Resort has been a popular destination for vacations, meetings and other events for nearly 40 years.
“Southern Living” Earlier this year, the resort was dubbed one of the best beach resorts in the South.
Prior to the new acquisition, the resort was owned solely by developer Jim Meadlock.
The hotel has 338 guest rooms, more than 43,000 square feet of event space and four food and beverage outlets.
Aurora Hospitality Partners said the resort will be closed for most of December, but new ownership will take over starting Dec. 30, when the resort will reopen.
Read the original article on al.com.