Terry and Nick Saban, Joe Agresti, Perdido Hotel Partners and a small group of investors have bought Perdido Beach Resort in Orange Beach as of Dec. 2.

A spokesperson for Perdido Beach Resort confirmed with Gulf Coast Media Wednesday evening the acquisition. Perdido Beach Resort has been a destination for families across the Southeast for almost 40 years.

According to a statement from the group, the move is to preserve and protect a beloved Alabama treasure while ensuring its continued success for generations to come.

As the Alabama-based hotel management company and affiliate of Perdido Hotel Partners, Aurora Hospitality Partners co-owns and will oversee day-to-day operations at the resort. Aurora Hospitality Partners said it is committed to protecting the legacy of Perdido Beach Resort while shaping a future that will continue to serve families, the Gulf Coast community and visitors for decades to come.

“We could not be more honored to steward a place that means so much to so many families across our state,” Blair Plott, co-founder of Aurora Hospitality Partners, said in the statement. “It means a great deal to us that Perdido Beach Resort will move forward under the leadership of Alabamians who believe in the future of this community. Our focus is to build on its legacy and elevate the guest experience in a way that reflects the very best of Alabama.”

Since its opening in 1987, Perdido Beach Resort has remained under the ownership of its developer and noted Alabama businessman, Jim Meadlock. The resort currently has 338 rooms, over 43,000 square feet of event and meeting space and four food and beverage outlets.

As has been its historical practice, the resort will be closed during the majority of December but will re-open under the care of its new owners on Dec. 30.